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Money can buy you love after all

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Written by:
17/10/2012
It seems that The Beatles were wrong. Apparently personal finances are the key to a successful partnership.

Comparison site MoneySupermarket claims that money continues to play a major part in relationships, with two in five Brits declaring the financial situation of their partner would influence whether to continue a relationship or not.

Women are more concerned about the state of their partner’s finances than men with just under half stating that money is a consideration when pursuing a relationship. This is compared to 30% of men.

Kevin Mountford, head of banking at MoneySupermarket, said: “The famous saying ‘money can’t buy you love’ may not ring so true!

“While 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.”

The research revealed that 38% base their decision to continue to date someone on whether that person has a lot of debt, while a third are influenced by whether they savings or were financially secure.

Bank accounts also feature high on a list of things to look out for when finding love.

Of those that would consider taking a relationship further based on their partners finances, one in five believe it’s more important than ever during these difficult times to find someone who can provide financial support and almost two thirds don’t want a partner that is unreliable when it comes to money.

Debt is also seen as a major ‘turn-off’. 33% don’t trust those in debt, and 50% find debt off-putting. Almost two thirds simply don’t want a partner that is unreliable with money.

 

Mountford advised: “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.”

The research also revealed that some Brits keep their financial situation a secret with one in ten never revealing the state of their finances to their other halves.

A fifth of Brits have kept money hidden from a partner either in a secret account or at home, away from their loved one.

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