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Cupid shot down by money woes

Cupid shot down by money woes

Category: Savings

Updated: 11/02/2010
First Published: 11/02/2010

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

A quarter of people will not be buying their loved ones a Valentine's gift because they want to save money, a new survey has revealed.

Money worries were given as the main reason for losing that loving feeling by more than half (52%) of those in their 20s, according to research from Norwich & Peterborough BS.

This dropped to 36% amongst those in their teens and 31% of people in their 30s.

A quarter of people in their 40s said they weren't buying a present because they were saving the cash instead, as did 9% in their 50s, 14% in their 60s and 18% of over 70s.

'I never buy one' was the phrase most often used (51%) by people who won't be scouring the shops for a token of love.

However, things might be a bit frosty in around one in five households this Sunday, after 18% of people claimed that their partner did not deserve a present.

"Maybe romance is dead or, from a more optimistic point of view, maybe it means that people are simply romantic every day and don't feel the need to mark it just once a year," said N&P's savings product manager, Gary Lacey.

"Nevertheless, for those 46% of people who are planning on buying a present this year, it's worth looking for a savings account to get ready for next year. Maybe they'll be making a withdrawal in 12 months' time for an engagement ring or maybe not!"

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