Cupid shot down by money woes - Savings - News | moneyfacts.co.uk

News

Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

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 It is now over 6 months old so the content may be out of date.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!"

Find the best savings accounts for you - Compare cash ISAs

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Close