Credit crunch Britain sacrifices spending to keep loved ones happy

People struggling to make ends meet are preparing to forgo luxuries and work longer hours in order to provide for their loved ones, according to new research from Engage Mutual.

With recent figures showing that disposable income is at its lowest level in 10 years and commentators suggesting that many may shun credit card spending this Christmas, the Engage research shows that the tide is turning on consumerism as the ‘have it now’ generation prepare to make financial sacrifices to give loved ones what they want.

Of the almost one in two people in a relationship who say that they share their finances with their partner, and that their own spending and earnings impact what their partners has (48%), 88 percent would make sacrifices to ensure that their partner was kept in the manner to which they are accustomed.

Cuts Backs to Provide for Partners:

Almost one in three in a relationship is bracing themselves to cut back on spending on clothes and luxuries for themselves, in order to ensure that their partner has what they want (30%)

Nearly one in four is prepared cut back on going out (22%)

Just under one in five people in a relationship will work extra hours to provide their other half with the things they want (19%), and

Almost one in ten is prepared to go to the extent of changing their job if they become unable to give their partner what they way want (9%).

The research, amongst a GB representative sample of nearly 1,600 people in a relationship, was conducted by Engage Mutual as part of its 3GB research campaign which seeks to understand how changing financial circumstances in the UK are impacting relationships. The results go against pre-held conceptions of a credit card nation spending for today and reveal that many Brits are gearing themselves to cut back in order to keep their nearest and dearest in the lifestyle they aspire to.

Saving and Borrowing

Perhaps signalling a growing reluctance to take on debt, just 7 per cent of those in a relationship would be prepared to take on debt to support their partners’ wishes, compared to 21 percent who would take money from their savings account.

Gender Roles

Women are less prepared to make financial sacrifices for their partner. One in four women would go without clothes and luxuries (25%), compared to one in three men (35%), and just less than one in five would be prepared to go out less (19%), compared to one in four men (25%).

4 percent of women in a relationship would consider ending the relationship with their partner if they felt pressure to go without in order to provide for their partner, compared to 2 percent of men.

Those in the North East are the most generous when it comes to giving up clothes and luxuries to save more money to keep their partner happy (41%).
People in the Midlands are the most likely to sacrifice nights out to save money (28%), whereas those in Yorkshire are the least prepared to miss out on a night on the town (12%).

Karl Elliott, 3GB spokesperson for Engage Mutual commented: “It is encouraging that rather than taking on further debt, people are prepared to work longer hours and cut back on spending in order to treat their partner. Increased financial pressure could put strain on some relationships. However, as this research shows, preparedness amongst couples to support each other financially shows that the population are prepared to go without themselves in order to provide for their loved ones.

“At a time when finances are being brought under pressure, Engage Mutual is committed to listening to our customers concerns, making it easier for them to save little and often for the future. By providing simple savings products that people can trust, we offer alternative ways for saving for the future which fit individual budgets and circumstances.”