The Price of Love - Financial Credentials Key to a Successful Relationship
CHESTER, England, October 17, 2012 /PRNewswire/ --
- 38 per cent of Brits would be put off if their partner had debts and wasn't good with money
- Women more concerned than men about their other half's finances
- A fifth of Brits (20 per cent) have kept money hidden from a partner either in a secret account or at home
Money continues to play a major part in relationships with two in five Brits (38 per cent) declaring the financial situation of their partner would influence whether to continue the relationship or not, according to research by MoneySupermarket.
Should I stay or should I go?
The research found women are more influenced by the state of their partner's finances than men, with just under half of women (45 per cent) admitting their partner's finances would be a factor in continuing a relationship compared to 30 per cent of men. Some factors are more influential than others; 38 per cent would base their decision of continuing to date on whether their partner has a lot of debt, and a third (30 per cent) would be influenced by whether they had savings and were financially secure.
What's love got to do with it?
It seems our bank accounts are ever more important than we think when it comes to finding love. Of those that would consider taking a relationship further based on their partner's finances, one in five (19 per cent) believes it's more important than ever during these difficult times to find someone who can provide financial support and almost two thirds (63 per cent) don't want a partner that is unreliable when it comes to money. It seems debt is a big turn-off as 33 per cent don't trust those in debt, and half (50 per cent) find debt off-putting. Almost two thirds (63 per cent) simply don't want a partner that is unreliable with money.
Secret love affair
The research also found Brits like to keep their financial situation close to their chest as one in 10 (9 per cent) never reveals the state of their finances to their other halves. Some Brits are much more honest and open with 19 per cent declaring how solvent they are within a month of meeting a love interest. A fifth of Brits (20 per cent) have kept money hidden from a partner either in a secret account or at home, away from their loved one.
Kevin Mountford , head of banking at MoneySupermarket, said: "The famous saying 'money can't buy you love' may not ring so true! Whilst many may like to flash the cash to entice their other half, it seems being sensible with finances, having a secure job and a good grasp of money may improve your chances of finding Mr or Miss Right . Our research shows that during these tough economic times, the state of people's finances is impacting whether the relationship will continue or not.
"Whilst sorting out your finances to help secure a relationship seems farfetched, it may be one of the most sensible tactics you can play - it will help you out in the long run, even if the relationship doesn't last. Taking control of your finances can feel overwhelming, but there are some very simple steps you can take to claw back some much-needed cash. Cutting back on non-essential spending can make a difference, and using vouchers for eating out can cut your dating bills in half. Going a step further and reviewing all of your household bills and not paying over the odds for things like energy, car insurance and day-to-day expenses can save more than you expect. Switching to the best deals using MoneySupermarket could save over £1,000."
Notes to Editors
Opinium Research carried out an online survey of 2,010 UK adults aged 18+ from 2nd to 4th October 2012. Results have been weighted to nationally representative data.
MoneySupermarket.com compares (at 30th August 2012)
- 107 car insurance providers and 82 home insurance providers
- 12 broadband providers and 18 energy providers
- 32 unsecured loan and 6 secured loan providers
- 62 mortgage lenders and 28 credit card providers
- 66 savings providers and 37 current account providers
- Over 1,200,000 mobile phone deals
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