Overspending 'a problem for 17% of adults living alone'

Spending more than their income is an issue for some 17 per cent of adults living alone, according to new research.

The Salary Gap study conducted by Bright Grey analyses how expenditure of UK adults compares to income, as well as the effect this has on people living by themselves compared with others.

Of those surveyed, 35 per cent of people living alone claim they overspend out of necessity; however, a further 24 per cent say they do so simply because they enjoy their lifestyle.

Most likely to overspend are single people living in shared accommodation, with 40 per cent of this group admitting to doing so.

Credit cards and loans are one of the main ways of funding this spending - a method used by close to 10 million adults.

Proposition director at Bright Grey Roger Edwards urges people to exercise caution when it comes to their spending.

"While it is tough to live alone in the current financial climate, it is imperative to not get yourself into a position of having to fund your overspending for many years to come," he adds.

And with energy bills increasing by some £630 million this year, according to uSwitch.com, this could be an even more important consideration for consumers.

Use the Myfinances.co.uk comparison tools to keep your bills low