Couples more likely to stick together during credit crunch

Despite the impact the credit crunch is having on our finances, it may actually be bringing us closer to our loved ones. Over a quarter of Brits (27 per cent) admit that they are now less likely to break up with their partner as a direct result of the current economic climate according to new research from cahoot, the online bank.

Not only are people now less likely to buy a house (42 per cent) or find a new property to rent (21 per cent), but a staggering 12.4 million people actually admit that they are reluctant to split with their partner for fear of facing increased bills, rent and general living expenses.

It's also men that are the most reluctant to go it alone, with almost a third (30 per cent) admitting that they didn't want to be single and face an environment of rising inflation alone. Sisters are happier to do it for themselves, though, with a quarter (25 per cent) stating that they were less likely to split with their partner.

With estimates suggesting that the extra cost of living as a singleton can add up to £266,000 over a lifetime, it's no wonder that we're adverse to going it alone.

Retired people over the age of 65 are the least likely to split with their partners, with 34 per cent stating that the credit crunch made this scenario much less likely. 35-44 year olds were almost as reluctant (29 per cent), followed by 25-34 year olds.

The carefree 18-24 year old age group were of course much happier to lead the single life despite the financial implications, with 19 per cent stating that they were less likely to split with their partner as a result of the credit crunch.

cahoot's research also reveals that 630,000 Brits are considering only dating someone wealthy to boost their finances. Again, more men than women are considering a gold-digger lifestyle - 321,000 compared with 309,000 women.

Matthew Timms, Managing Director, cahoot commented: "There are clearly economic benefits to being in a relationship, such as shared bills, lower rent and even reduced car insurance premiums. The cost of being single can extend to thousands each year, but with a little careful financial planning you needn't be tied to your partner purely for financial reasons."

For more information on a cahoot current account (single or joint), log on to cahoot.co.uk. Cahoot pays a consistent rate of 3.75 per cent interest on balances up to £250,000 and then 3 per cent on the remaining balance.