Romantic spending takes a nosedive

As Britons tighten their belts and start dipping into their accounts with the best savings rates, romance has been forced to take a backseat.

New research by Santander has revealed that the annual amount people spend on their other half has dropped from £1,103 to £879.

Multiplied across the UK, this accounts for a cutback of some £8 billion.

It found that women have reduced their expenditure more than men, cutting back by 23 per cent, compared to men who have only reduced their spend by 18 per cent.

A fifth of those surveyed also claimed to be looking for cheaper dating options and 16 per cent buying fewer gifts.

"Inflation and other economic concerns are having a real effect on people's expenditure, and our research shows that this can affect all types of relationship, from married couples to casual daters," said Callum Gibson, managing director at Santander Cards.

However, it seems parents are keen for their children not to go through the same money worries, with a quarter opening accounts with the best savings rates before their child's first birthday.

Moneyextra.com recommends you take independent financial advice before acting on any article

Back

2011-09-16 13:23:44 © Moneyextra.com