Single people should consider investing their extra disposable income in savings accounts, it has been claimed.
David Kuo, head of personal finance at fool.co.uk, explained that single people have more disposable income than those in couples and this is something they can take advantage of by opening savings accounts .
He said: "With a person who is single, if he or she puts away the £255 of savings [compared to those in a couple] they make every month into an investment that is earning, say, eight per cent, which isn't that unreasonable at the moment, then after about ten years that person would have a pot worth £47,000."
Mr Kuo added that if someone started to save at 18, they would have around half a million pounds in a savings account by the time they approached retirement .
Research conducted by Fool.co.uk found that the average single Briton pays £281 a month on rent and bills, compared to £500 spent by someone in a relationship.
Single people urged to open savings accounts
Single people urged to open savings accounts
Thu, 28 Feb 2008
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