Sad Singletons Also Unlucky In Life As Love

For some, being single in Ireland isn’t just lonely—it’s expensive. From housing to daily expenses, singles are feeling the financial pinch. But how much does being single in today’s economy cost? Raisin Bank surveyed a representative share of Irish adults to uncover the financial challenges faced by those without a partner to share expenses.

• Over half of single respondents (52%) indicate that they would consider finances in choosing a potential partner.
• More than one in five (21%) surveyed have stayed in a relationship for longer than they would’ve liked due to financial constraints.
• 87% of respondents feel the government should step in and make it easier for singles to buy a home; 90% in favour of a special Central Bank mortgage policy especially for single home buyers.
• Almost three of every five (58%) respondents see financial stability as crucial to the health of their relationships; 56% have experienced financial relationship stress.

With soaring house prices and mortgage barriers, many singles find themselves locked out of homeownership. As a result, over half of respondents have once felt forced to share a flat (35.5%) or even a room (15.5%) because of their single status. An overwhelming majority of respondents (86%) agree that singles are facing greater difficulties home-hunting, with over half (56%) of those surveyed indicating that it’s becoming virtually impossible for singles to get a mortgage at all.

Financial burdens can place stress on relationships. While love is a primary factor in choosing a partner, money matters more than many would like to admit.

In contrast, those who are in a relationship indicate that they mostly picked their partner out of romantic considerations, with finances of secondary importance. One in five respondents (21%) are currently or have ever been in a relationship for longer than they would’ve liked due to financial reasons.

Almost three out of five surveyed (58%) agree that finances play an integral part in the health of their relationships. A roughly equal share of respondents (56%) are experiencing or have experienced financial stress in a relationship. Two out of three Irish people (66%) sadly feel that finances get in the way of true romantic love in our current day and age. On a positive note: over two out of five respondents (43%) in a relationship indicate that they would easily manage financially on their own, with another 38% saying that they would manage but only after making some adjustments.

Financial considerations relevant for finding a partner; most existing relationships based on love

* Multiple responses possible

Are singles equally capable of taking steps in life as those with a life partner? The vast majority of respondents (63%) have personal experiences with single delays.

From moving out of their parents’ home to buying a house of living closer to work, the financial burdens of shouldering it alone leaves real marks on the trajectories of those who wing it alone.

* Multiple responses possible

Society at large is very aware of the hardships faced by singles on the housing market. The vast majority of respondents (87%) feel the government should step in to make it easier for singles to buy a home. An even larger share (90%) of those surveyed feel that this is also the responsibility of the Central Bank when setting minimum mortgage rates.

Raisin Bank previously reported that the cost of an average lifestyle works out at €2,307 a month for singles and €2,535 a month for couples. While couples can split expenses and pay approximately €1,267 each, singles must cover the full €2,307 themselves—a staggering additional cost of €1,040 per month.

To comfortably maintain this lifestyle and follow the 50/30/20 budgeting rule (where unavoidable expenses come to no more than 50% of your net monthly income) singles would need a gross income of €82,800 - well above the Irish median salary of €34,886.

Eoghan O’Hara, Personal Finance Expert at Raisin Bank, shares his advice with singles: “Our study highlights that being single in Ireland is becoming increasingly challenging when it comes to planning for major financial milestones. This makes it more important than ever to take a proactive approach to your finances. The key lies in striking a smart balance between spending and saving—sticking to a solid savings plan while keeping long-term goals in focus and avoiding unnecessary short-term splurges. For those looking to buy their first home, it's essential to understand mortgage lending rules and it's always a good idea to talk to a certified mortgage adviser to get help with the process.”