Married or Single, the Financial Grass Is Always Greener
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Both married and single consumers believe they'd be better off financially if they were in the other's shoes, new research shows.
A study by CouponCabin.com found that more than 40 percent of single U.S. adults feel they are more financially strained than their married peers, while 35 percent of married adults said the same of their single counterparts.
Household expenses are an area where those who are married feel they get the short end of the stick. The survey revealed that more than 60 percent of married adults think their household expenses are greater then for those who are single.
On the other hand, it's taxes that have single consumers jealous of their married peers. More than half feel they pay more in federal income taxes than those who are married.
Jackie Warrick, senior savings adviser at CouponCabin.com, said regardless of the relationship status, there are financial challenges that exist for everyone.
"The important thing is to measure yourself against your own yardstick; your own goals, your own risks and your own challenges," Warrick said. "Focus your energy on how to better your financial situation rather than lamenting other's fortune."
Married and single adults both think they're the ones who are able to save the most money for the future. Nearly half of the married adults surveyed believe they can save more than their single peers because of the combined earning power they have, while 51 percent of single adults think they're the ones who can save the most because they don't have the same financial responsibilities as those who are married.
The study found that sometimes, the requirements of being friends with married couples can cost singles more than they can afford. Of those singles with married friends, 17 percent feel they spend more on gifts and special occasions for them and their families than is reciprocated. Overall, 28 percent of those with married friends spend between $200 and $500 a year on gifts for them, with 11 percent spending more than $500.
In addition, 29 percent of singles said they often feel pressure to spend money on "single" obligations, such as going out to dinner, going to bars and buying trendy clothes.
The research was based on surveys of 2,132 adults over the age of 18.