One in five Brits left in debt as a result of a break-up
Mortgage exit fees, moving costs and early cancellation fees for broadband and TV packages mean more than one in seven (78 per cent) people have spent up to £5,000 as a result of a breakup.
The financial strain of ending a relationship has also left Brits with long-term financial issues, with one in 10 revealing they were left having to take out a long-term debt repayment plan, 16 per cent having a bad credit score, and a quarter (24 per cent) having personal money issues.
Space Station also revealed other complications of ending a relationship, by analysing the average costs when leaving a relationship.
According to HomeLet, the average monthly rent in the UK is £959 per calendar month. One in five (23 per cent) Brits who have broken up with a partner have been left struggling to pay the remaining fees of a rental contract.
For those who own their home, one in seven (15 per cent) have found it difficult to stay on top of mortgage exit fees, which can vary from £50 to £300.
The research also found that many people have had their mental health affected by a break-up. More than a third (34 per cent) admitted they have suffered from depression, more than two in five (41 per cent) have experienced anxiety and stress, and a third (36 per cent) have had trust issues in a new relationship.
When it comes to planning for the unexpected costs that can be a consequence of a break-up, a quarter of Brits admitted they had thought about the potential financial risk, but hadn’t put a plan in place.
More than a third (37 per cent) have had to spend their savings to cover the breakup costs, while more than one in five (22 per cent) have been left in debt and 20 per cent have had to move back home with their parents.
Vlatka Lake, marketing manager at Space Station, said: “The breakdown of a relationship is never an easy thing to go through. As well as dealing with the end of a relationship emotionally, there are often hefty financial considerations such as exit fees for TV packages, fees for leaving a rental contract early or hiring a removal service.
“We always recommend speaking to your bank or any of your providers if you need to seek further help with your finances.”