Who says romance is dead?
Standard Life’s ‘Your Commitments, Your Future’ report reveals the nation’s true spending on their other half – a clue to what we might expect this Valentine’s Day.
Spend on your partner:
– Each month couples splash out an average of £34 treating each other, with men leading the way, spending £42 compared to women spending just £26
– However, 18-24 year old males spend only £20 a month on their partners on average. To put this in perspective, 18-24 year old males spend an average of £27 a month on paid for TV subscriptions
– But there is good news; as men get older their generosity increases, with men aged 45-54 spending nearly £50 (£49) on average each month on their partners
– Women are at their most generous when aged 25-34, where they spend an average of £32 a month on their partners
Thinking about your partner
– Men and women devote nearly an hour each day (50 minutes) to thinking about their other half
– 18-24 year old men are the least romantic, thinking about their partners for only 36 minutes a day on average, whereas 18-24 year females spend over 59 minutes on average every day thinking about their partner (this is more than one whole day a month)
– Men over 55 are spending almost an hour (55 minutes) a day thinking about their partners, the highest of any male age group, while women spend the most time thinking of their partners when they are 18-24
– Nearly a quarter of people think that if they spent as much time thinking about their finances as they do on their emotional relationships then their finances would be in far better shape.
John Lawson, Personal Finance Expert at Standard Life said: “Despite the tough economic climate, it’s good to know we are still able to spoil the most important people in our lives. We devote a lot more to time thinking about our loved ones than we do to our finances, but it’s worth remembering that planning our future finances plays a key role in our relationships. Whether it’s starting a family, a home in the sun, a romantic break or a financially secure retirement, budgeting and planning ahead is essential to a happy life. And with the end of the tax year looming, it’s a great time to sit down with your partner and think about how your finances can help you enjoy your life together.”
To help people better understand their financial and emotional commitments, Standard Life has published knowyourcommitments.co.uk with an interactive tool and thoughts on financially preparing for the future. Further help with financial planning is also available at yourfuturemoney.co.uk