Being In A Relationship Encourages Saving
Getting married is a huge financial commitment, but it’s thought that tying the knot encourages people to save money and curbs frivolous spending.
New research from National Savings and Investments shows that couples are more likely to save money as marriage generally involves sacrifices.
Money is always a tension point of relationships, but one in five Brits save an extra £200 a month when they have a partner, that’s £2,400 a year!
Fifty seven per cent of Brits said that they partner often encouraged, or nagged, them to put away money.
National Savings and Investments believe that spending habits are curbed because couples are often looking towards a shared goal.
Buying a house, starting a family or building a nest egg, all encourage both partners to save their money rather than fritter it away.
Men seem particularly driven to save when they find a partner as they save an extra £85, whereas women only save an extra £50.
Surprisingly, it’s young men between the ages of 25-34 that are best at saving as they save around £100 a month extra when with a partner.
NS&I director, John Prout, said, “It is good to see that people in relationships are motivating one another to save significant sums of money.
“As well as helping each other save towards goals and providing more security in difficult times, these savings will make a difference for the bigger financial milestones that come during a relationship, like buying a home, or saving for life in retirement.”
Unfortunately, not all partners like to save and 15 per cent of women say that their partners constant spending encourages them to save more.
Men and women have opposing views when it comes to who pays for what in the relationship. While half of women believe the costs are split evenly, only one in four men believe this to be true and often feel like they pay for most things.
Forty seven per cent of men said they pay for bills and council tax from their own finances, whereas only 20 per cent of women stated that this was something they paid for.
More men seemed to pay for the couples shopping too, with 42 per cent saying it usually fell with them to buy the groceries, and only 33 per cent of women saying that this was something their money paid for.
The younger generations don’t believe that you should discuss money early on in the relationship, with only 6 per cent of 16-24 year olds believing that money, pay and savings are something that should be discussed in a relationships early stages.
Do you believe being in a couple makes you spend less? Comment below or tweet us @FemaleFirst_UK.
Cara Mason
tagged in Money Marriage Finance Relationship