Living alone often means much higher costs. A new study identifies the best places for singles considering to relocate with the aim of increasing their purchasing power.
Single adult households are about 80 million in the EU, accounting for over half of the total.
Between 2013 and 2023, the rate of people living alone without children rose by more than 21%, becoming the fastest growing in the EU.
Amid rising living expenses and soaring house prices, the financial burden of living alone is becoming increasingly high, which is why today that’s also known as “singles tax”.
Swedish credit comparison agency Credwise developed an index taking into account annual net earnings and local cost of living to establish which countries in Europe offer single people the best purchasing power.
Switzerland is in the top spot. Despite having one of the highest costs of living in Europe, it also offers the best net salaries on average: over €85,000 according to Eurostat data.
This would allow a single person to save up to €34,000.
Countries like the Netherlands and Germany ranked highly despite lower average earnings, thanks to a good balance between income and cost of living.
“This approach allows us to highlight countries where singles might not save the highest absolute amounts but where their earnings have significant purchasing power. It’s a way of balancing raw savings potential with overall financial flexibility, says Credwise.
Nordic countries also performed well in the Credwise chart, with Iceland fifth and Norway 7th placed.
Norway, in particular, stands out with the second-highest potential annual savings of nearly 16,000€, with average earnings (€45,797.85) balancing out expenses well (€30,096).
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