Expert explains 'singles tax' that costs people nearly £11,000 a year extra
dailyrecord.co.ukA personal finance expert has taken to the air on BBC's Morning Live to shed light on the financial penalty of living solo. And Iona Bain knows what she's talking about as it's a situation she now finds herself in.Identifying two key causes of the "singles tax", Bain first pointed to the increased cost burdens shouldered without a second income to help with expenses such as groceries and rent.
Her second point delved into how the tax system and consumer markets primarily cater to couples and families, often overlooking the growing number of single-person households.On the show, Bain observed: "The tax system and the wider consumer market are mainly geared towards couples and families.
They haven't really caught up with the fact that there are so many people today now that are living on their own. The number of people aged 65 and above living on their own has gone up by 420,000 in the last decade."Bain further emphasised that the 'singles tax' doesn't just affect those who choose to live alone - it also impacts divorced, separated, or widowed individuals.
She said: "Some people can't afford it as easily."They find it really tough on their own and they're financially struggling as a result.
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