Does a symmetrical NxN matrix still require N² for computer storage

Question

Consider a symmetrical covariance matrix which only requires N(N+1)/2 parameters.

To implement this, the symmetrical pair of values can be stored in a location and a pointer is used to refer to this address. However, actual implementation would require:

1. A pointer
2. The stored value

Which still requires "two" memory spaces per pair of symmetrical values and totals to N² storage in contrast to N(N+1)/2.

Is there a better treatment of symmetrical matrices?