Latest news with #JimIslam
The Independent
11-08-2025
- Business
- The Independent
The ‘tax on being single' revealed in new survey
A new survey reveals that one in five young adults in the UK, aged 18 to 40, are choosing to live with a partner primarily to manage living costs more affordably. The research highlights a significant financial disparity, with single individuals less likely to have an emergency fund (29 per cent) compared to those in a relationship (16 per cent). Single savers put aside an average of £301 per month, which is roughly half the £609 saved by those in a relationship, underscoring increased financial strain for single people. Jim Islam, CEO of Lifetime Isa provider OneFamily, suggested that some individuals might be staying in unhappy relationships due to the high cost of living, describing it as a "tax on being single." Mr Islam stressed the importance of financial independence and good savings habits, advocating for these topics to be taught in schools to build financial resilience.
The Advertiser
11-08-2025
- Business
- The Advertiser
Till debt do us part: high costs keep couples together
One in five young adults in the UK have stayed with a partner to make living costs more affordable, a survey found. Some 21 per cent of people aged 18 to 40 said they had done this, according to the research published by Lifetime Isa provider OneFamily. Opinium carried out the research for OneFamily among 3000 people across the UK aged 18 to 40. With day-to-day living often costing more for single people, the research also found single people were less likely to have an emergency financial cushion to fall back on, compared with couples. Nearly three in 10 (29 per cent) young adults surveyed who are single do not have an emergency fund, compared with one in six (16 per cent) people in a relationship. Savers who are not in a relationship said they manage to put aside an average of STG301 ($A621) per month - around half of the STG609 that people in a relationship said they have for monthly savings. OneFamily CEO Jim Islam said: "These stats are shocking, people are potentially staying in unhappy relationships because the bills are too high to contemplate managing on their own. It's a tax on being single, made worse by the rising costs of bills. "Financial independence is crucial, since it enables freedom. It needs to be something that is talked about in schools alongside good savings habits." Islam said "building a savings pot absolutely supports financial resilience, which means less vulnerability to the ups and downs of life". One in five young adults in the UK have stayed with a partner to make living costs more affordable, a survey found. Some 21 per cent of people aged 18 to 40 said they had done this, according to the research published by Lifetime Isa provider OneFamily. Opinium carried out the research for OneFamily among 3000 people across the UK aged 18 to 40. With day-to-day living often costing more for single people, the research also found single people were less likely to have an emergency financial cushion to fall back on, compared with couples. Nearly three in 10 (29 per cent) young adults surveyed who are single do not have an emergency fund, compared with one in six (16 per cent) people in a relationship. Savers who are not in a relationship said they manage to put aside an average of STG301 ($A621) per month - around half of the STG609 that people in a relationship said they have for monthly savings. OneFamily CEO Jim Islam said: "These stats are shocking, people are potentially staying in unhappy relationships because the bills are too high to contemplate managing on their own. It's a tax on being single, made worse by the rising costs of bills. "Financial independence is crucial, since it enables freedom. It needs to be something that is talked about in schools alongside good savings habits." Islam said "building a savings pot absolutely supports financial resilience, which means less vulnerability to the ups and downs of life". One in five young adults in the UK have stayed with a partner to make living costs more affordable, a survey found. Some 21 per cent of people aged 18 to 40 said they had done this, according to the research published by Lifetime Isa provider OneFamily. Opinium carried out the research for OneFamily among 3000 people across the UK aged 18 to 40. With day-to-day living often costing more for single people, the research also found single people were less likely to have an emergency financial cushion to fall back on, compared with couples. Nearly three in 10 (29 per cent) young adults surveyed who are single do not have an emergency fund, compared with one in six (16 per cent) people in a relationship. Savers who are not in a relationship said they manage to put aside an average of STG301 ($A621) per month - around half of the STG609 that people in a relationship said they have for monthly savings. OneFamily CEO Jim Islam said: "These stats are shocking, people are potentially staying in unhappy relationships because the bills are too high to contemplate managing on their own. It's a tax on being single, made worse by the rising costs of bills. "Financial independence is crucial, since it enables freedom. It needs to be something that is talked about in schools alongside good savings habits." Islam said "building a savings pot absolutely supports financial resilience, which means less vulnerability to the ups and downs of life". One in five young adults in the UK have stayed with a partner to make living costs more affordable, a survey found. Some 21 per cent of people aged 18 to 40 said they had done this, according to the research published by Lifetime Isa provider OneFamily. Opinium carried out the research for OneFamily among 3000 people across the UK aged 18 to 40. With day-to-day living often costing more for single people, the research also found single people were less likely to have an emergency financial cushion to fall back on, compared with couples. Nearly three in 10 (29 per cent) young adults surveyed who are single do not have an emergency fund, compared with one in six (16 per cent) people in a relationship. Savers who are not in a relationship said they manage to put aside an average of STG301 ($A621) per month - around half of the STG609 that people in a relationship said they have for monthly savings. OneFamily CEO Jim Islam said: "These stats are shocking, people are potentially staying in unhappy relationships because the bills are too high to contemplate managing on their own. It's a tax on being single, made worse by the rising costs of bills. "Financial independence is crucial, since it enables freedom. It needs to be something that is talked about in schools alongside good savings habits." Islam said "building a savings pot absolutely supports financial resilience, which means less vulnerability to the ups and downs of life".
Perth Now
11-08-2025
- Business
- Perth Now
Till debt do us part: high costs keep couples together
One in five young adults in the UK have stayed with a partner to make living costs more affordable, a survey found. Some 21 per cent of people aged 18 to 40 said they had done this, according to the research published by Lifetime Isa provider OneFamily. Opinium carried out the research for OneFamily among 3000 people across the UK aged 18 to 40. With day-to-day living often costing more for single people, the research also found single people were less likely to have an emergency financial cushion to fall back on, compared with couples. Nearly three in 10 (29 per cent) young adults surveyed who are single do not have an emergency fund, compared with one in six (16 per cent) people in a relationship. Savers who are not in a relationship said they manage to put aside an average of STG301 ($A621) per month - around half of the STG609 that people in a relationship said they have for monthly savings. OneFamily CEO Jim Islam said: "These stats are shocking, people are potentially staying in unhappy relationships because the bills are too high to contemplate managing on their own. It's a tax on being single, made worse by the rising costs of bills. "Financial independence is crucial, since it enables freedom. It needs to be something that is talked about in schools alongside good savings habits." Islam said "building a savings pot absolutely supports financial resilience, which means less vulnerability to the ups and downs of life".
