The quest for love could be severely impacting upon single Britons’ personal financial situation, a new set of figures reveal.
According to a study conducted by MoneyExpert, the average singleton spends some £88 every month - £1,058 every year - in the search for a perfect partner. However, men were said to be splashing out the most on dates as they account for £96.58 of their monthly expenditure. Meanwhile, the financial services firm indicated that women spend only £68.82 in search of the perfect partner, some £30 less than their male counterparts.
Chief executive of the company Sean Gardner said: “Gone are the days of a bunch of flowers and a trip to the movies. The modern singleton must be prepared to fork out hundreds of pounds to find love as people get ever more extravagant in their expectations - and their spending.
"But when love is in the air it’s understandably difficult to keep track of costs. It might come as a something of a shock to the system if you sit down and identify exactly how much of your income you spend on dates and nights out. " He added that no matter what Britons spend their money on “the key is to keep your spending under control".
The study also suggested that those living in the capital could find their attempts at managing their day-to-day finances squeezed the most by going on dates as lovebirds in London spend an average of £108.30 on nights out. This figure was reported to be more than twice the expenditure of Scots as people in the principality spend some £47.82. Meanwhile, consumers aged 35 to 44 were said to be the biggest romance spenders as they fritter an average of £105.88 every month. In comparison, single men and women over the age of 55 are most prudent, paying out £41.33 a month looking for love.
In related news, an Equifax study has recently indicated that consumers tend to develop the majority of their debt management problems while they are young. According to a survey by the company, just under two-thirds (61 per cent) of respondents claim they handled their finances less effectively during their 20s. Some 23 per cent of those questioned claimed that time spent in higher education was a “major factor" in their current difficulties in meeting debts incurred on credit cards and personal loans. About a third (32 per cent) said they were unaware of how much money they are being charged for going into their overdraft.
Neil Munroe, external affairs director for the credit information provider, said: “Today young people take credit for granted and see it as a part of every day life. The school curriculum can play a very important role in preparing the next generation of adults for the challenges of the 21st century. And that includes being in control of their finances and managing debts more effectively. " Consequently, Mr Munroe suggested that proposals to make financial education a compulsory part of secondary school education is a “brave step in the right direction to help stem the tide of rising consumer debt".
Abbi Rouse is the Editor in Chief for Essentially Home Loans where visitors can apply for cheap loans online . We also specialise in debt consolidation loans , and secured loans