Cash-strapped cupids cut back this Valentine's

Romance has emerged as the latest casualty of the credit crunch, with more than 10 million Britons planning to spend less on loved ones this Valentine's Day, new research from Abbey Banking has revealed.

More than half of all Britons (56 per cent) are planning to celebrate Valentine's Day this weekend but nearly four in 10 (39 per cent) will be spending less than in previous years to save money.

Restaurants look set to be this year's biggest loser in love, with five million Britons intending to celebrate with a romantic meal at home rather than eating out.

More than one in 10 (12 per cent) cash-strapped Cupids are still planning to eat out but are hoping to reduce the cost of the meal by using a two for one meal deal voucher, while 9 per cent admit they will be heading out for a meal on 13th or 15th February to avoid paying inflated restaurant prices on 14th.

On the gift front, it seems that less really is more this year, with more than a third (37 per cent) of those who are cutting back looking to do so by spending less on their loved one's gift. Over a quarter (27 per cent) are not planning to buy a gift at all while more than one in 10 (12 per cent) will be making rather than buying a Valentine's card.

While the cutbacks will save cash-strapped Cupids an average of £42 each, some are concerned it will come at a cost. The research found that men are three times more likely (18 per cent) to be worried about their partner's reaction to them spending less this year than women (6 per cent).

Susan Voase, Abbey Banking spokesperson, commented: "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. For more information, log on to www.abbey.com, call 0800 587 2758 or visit your local branch."