Quest to find love costs £912 million

One and a half million Brits are single and looking for love this Valentine's Day, and it appears that they are not afraid to pay for it. New research from Santander Current Accounts reveals that last year, single Britons spent a massive £912 million on dating, with single men spending double the amount single women spent in their quest for love.

The average singleton spent over £600 last year in their search for the right partner. Younger singles (aged 18-34) appear to be the most determined, having spent a massive £548 million in 2009, or £700 per person, with one in five planning to increase this spending next year.

Last year, single men invested an impressive £688 million (£780 per person) in their quest for ‘the one', while women spent around half this amount (£380 each per year).

Interestingly, those who have been single and dating for less than one year spent 27 per cent more each month (£62) last year than the more experienced singletons (£43) who have been dating for more than one year.

Helen Bierton, Head of Santander Current Accounts, commented:  "In spite of 2009 being a financially difficult year for many people, investing time and money in finding Mr or Mrs Right is clearly still important to many. Money might not be able to buy you love but it can certainly help the search."

Although Brits who are actively dating appear keen to invest in their love life, a huge proportion of single people in the UK seem to have given up. Of the 12 million Brits that are currently single, 8 million have been single for more than two years and 9.8 million are not dating at all. In contrast, 35 million Brits (71 per cent) are currently in a relationship.

Helen Bierton added: "The pursuit of love appears to be a costly affair. Santander offers a range of current accounts to help people make the most of their money and to help pay for the important things in their life, like dating. For example, by switching to a high interest Santander current account, customers can earn up to £150 in interest in the first year. That will certainly help with the costs of searching for love."

In 2009 Londoners forked out the most in their search for love, spending £89 each month on dating. People dating in Wales and Northern Ireland however, spent just £6 each month on dating.