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Credit Crunch Breeds Relationship Cynics
Writes Dan Drage dan.drage@consumerchoices.co.uk
The onset of the credit crunch is making us study our partner’s wealth more carefully according to research commissioned by Cahoot, the online bank.
Over a quarter of Brits admit that they are now less likely to break up with their partner as a direct result of the current economic climate. A staggering 12.4 million people confess they are reluctant to split with their partner for fear of facing increased bills, rent and general living expenses.
Additionally, it’s men that are the most reluctant to go it alone, with almost a third admitting that they didn't want to be single and face an environment of rising inflation alone. Sisters are marginally happier to do it for themselves, with a quarter stating they were less likely to split with their partner.
Estimates suggest the extra cost of living as a singleton can add up to £266,000 over a lifetime.
Cahoot's research also reveals that 630,000 Brits are considering only dating someone wealthy enough to boost their finances. Again, more men than women are considering a gold-digger lifestyle; 321,000 compared with 309,000 women.
Matthew Timms, Managing Director at cahoot, had the following to say:
“There are clearly economic benefits to being in a relationship, such as shared bills, lower rent and even reduced car insurance premiums. The cost of being single can extend to thousands each year, but with a little careful financial planning you needn't be tied to your partner purely for financial reasons.”
Chris Eagle, Commercial Manager at CreditChoices.co.uk, has some financial advice for singletons:
“Maximise your financial potential buy considering a switch to leading market products. For savings, the Icici bank’s (www.icicibank.co.uk) fixed rate savings account is currently paying a 7.2% yearly AER, whereas the Halifax (www.halifax.co.uk) One credit card offers 0% on purchases and 0% on balance transfers for ten months.”
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