Valentine’s day: Money can buy love as one in three Brits break up when partner goes broke
They say you can’t put a price on love, but a new study would seem to suggest otherwise, with one in four Brits saying that financial responsibility is the most attractive trait in a partner, above looks or personality.
According to new research conducted by digital wealth manager, Moneyfarm, 42 per cent of the UK population expect their partner to be able to provide for them financially should the need arise whilst 27 per cent say they wouldn’t date someone who wasn’t financially stable.
More than one in three Brits admit that at one time or another they have had a romantic relationship end due to either their, or their partner’s poor financial situation – with 18 per cent saying they have had a romantic relationship end within the last six months because of money worries and stresses.
And even if the relationship didn’t end, 21 per cent of Brits say their financial situation has definitely had a negative impact on their romantic relationship in the last year.
Trust
Only 18 per cent of those polled say they trust their partner with money, with 29 per cent of the population preferring to keep their finances separate rather than joint because they worry about their partner’s financial habits or situation.
And this desire to keep finances separate due to trust issues was most prevalant in the more affluent, with 35 per cent of those earning £50K+ or with assets of more than £50K preferring to keep total autonomy over their money from their partners’.
These personal financial pressures are even having an impact on whether or not couples decide to start a family with 21 per cent of those polled saying that their financial situation has prevented or delayed the decision to start a family.
“Financial responsibility is an essential life skill not to be underestimated,” said Chris Rudden, Investment Consultant Manager at Moneyfarm.
Rudden told City PM: Putting processes in place for both managing and maximising the growth of your money ensures you live within your means and helps to give not only yourself peace of mind, but those who depend on you as well.”
“Fiscally responsible people are not only able to better focus on their life goals but they are also more attractive to not only lenders and credit scorers, but potential romantic partners too!”
But it’s not just romantic relationships that have suffered under the strain of financial pressures this last year. Cracks have appeared within friendships and wider family bonds with 19 per cent saying financial woes have negatively affected a friendship.
34 per cent of those polled admit that they have argued with either their partner, family of friends about money in the last six months with 26% saying they have deliberately withdrawn or avoided friends or social events due to friction over money and 58% have had to decline a social event in the last year due to money concerns.