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Has cupid been credit crunched?

Has cupid been credit crunched?

Category: Savings

Updated: 12/02/2009
First Published: 12/02/2009

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 It is now over 6 months old so the content may be out of date.

Although more than half of us Brits are looking to celebrate Valentine's Day, nearly 39% will be looking to spend less than in previous years in a bid to protect savings.

But it's not just the partners who will notice this change, restaurants and bars will no doubt feel it too with around 5 million Brits planning to celebrate at home with a romantic meal. Other ways to enjoy romance but still reduce the cost include using a '2 for 1' meal voucher (popular with around 10-12% of amorous Brits) or perhaps eating out on the 13th or 15th February (the option for around 9% of cupids).

While these cutbacks will help our savings, it seems that the men are more worried about the effect this will have on their romantic chances. Around three times more men (18%) are worried about their partner's reaction to spending less this year compared to just 6% of women.

Abbey Banking spokesperson, Susan Voase: "Cash-strapped Britons will be hoping that it's still the thought that counts as they turn to more cost-effective ways to show their love this Valentine's Day. But while romance may be the latest casualty of the credit crunch, more than half of us are still planning to celebrate Valentine's Day this year, proving that romance is down but not out by cooking a meal at home this year to save money.

"Those looking to benefit from the savings can take advantage of the retail offers that come with the family and travel reward accounts such as holiday discounts, family hotel and leisure offers to make the most of the savings. Alternatively, any savings made elsewhere could be added to an Abbey bank account paying 5.5 per cent in credit interest."

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 Any products featured may be withdrawn by their provider or changed at any time.

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