Couples who invest together work out with almost a 20% difference in savings when compared to individuals within that couple, Hargreaves Lansdown (HL) has revealed.

The HL savings and resilience barometer found that on average in the second quarter in 2023, a single person living on their own had a household value of ISA investment of £4,600.

However, for those in a couple living on their own, the value works out at £10,815.

This works out as £5,408 each, which equates to a difference of 18% (£807) per quarter between those investing as part of a couple and single people.

The mean value when excluding non-investors totalled £27,943 for single people and £60,033 across couples in the same period, which equates to an individual difference of £2,073 each.

Head of investment analysis and research at HL, Emma Wall, said: "The concept of a 'single tax' is nothing new – splitting bills, living expenses and holidays in half means those in a relationship are more likely to have higher levels of disposable income than those who are single or living alone.

"But as long as they are addressing problem debts, considering protection for their family and are putting aside enough emergency savings in cash, to build further financial resilience, everyone should consider investing for medium to long term financial goals."

HL has over 1.85 million clients, managing £149.7bn in investments. It stated that its purpose is to "empower people to save and invest with confidence and help them build their financial resilience over the long-term".

Wall added: "Setting up a direct debit on pay day means you don’t need to remember to prioritise your financial health each month. Most investment platforms allow you to set up a regular investment plan from just £25 a month. This is paid via direct debit, so once set up needs no extra effort.

"If you’re investing for the long term – to pay for your retirement adventures – and you’re employed, often the most sensible way to boost your household investments, and improve your financial resilience, is to simply max out your workplace pension contributions. It is literally free money – as you get top-ups from your employer and the Government."

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