Credit crunch cupids: £8 billion spending cutback on partners

Brits are cutting back the money they spend on their partner to the tune of £8 billion a year because of the rising costs of living and financial concerns, according to new research from Santander Credit Cards. The findings reveal that people in relationships are reducing the amount they spend on their partner by an average of 20 per cent, from £1,103 to £879 a year.

Women, who on average spend £876 a year on their spouse or partners for their birthday, Christmas, anniversaries, restaurants, drinks and other outings, say they are cutting this expenditure by 23 per cent. By comparison, men are only reducing their expenditure by 18 per cent, despite previously spending a whopping £1,382 a year on their wives, partners or girlfriends.

A fifth of those surveyed (22 per cent) are trying to find cheaper dating alternatives to traditional activities such as meals out, and 16 per cent are buying their partner fewer gifts because they are short of money. One in seven (15 per cent) are now less generous with their other half because of their financial situation, 5 per cent are going on fewer dates than they would like to because they are too expensive, and 2 per cent have been put off being in a relationship altogether because of the financial costs involved.

Britons typically spend a collective £40 billion a year on their partner, but Santander's research suggests that financial concerns will reduce this figure by £8 billion. Average expenditure typically decreases slightly for couples once they get married, reducing from £1,155 a year to £1,075, but both those who are married and those in serious unmarried relationships say their level of spending on each other is decreasing by a fifth (20 per cent) because of rising living costs and other economic worries.

People are making the biggest cutbacks on regular expenditure on their partners, with spend on restaurants and drinks reducing by 22 per cent. The same percentage is being cut back on other outings such as going to the cinema or shopping.

An average of 13 per cent is being cut back on anniversaries and Christmas, and there is an 11 per cent decrease in expenditure for partners' birthdays.

Regionally, those in the West Midlands are feeling the pinch the most with an average 26 per cent reduction on their partners. Those in the East of England are cutting back by a quarter (24 per cent), and those in London, typically the biggest spenders on their partner, are cutting back by 18 per cent. People in Yorkshire & Humber are the least affected, only decreasing the amount they spend on their ‘other half' by 16 per cent.

Callum Gibson, Managing Director at Santander Cards, commented: "Inflation and other economic concerns are having a real effect on people's expenditure, and our research shows that this can affect all types of relationship, from married couples to casual daters.

"In this climate people need to spend smarter by making sure they got the best value for their money. The new Santander 123 Credit Card rewards customers by giving them cashback on their everyday spend, offering 1 per cent on supermarket, 2 per cent on department store and 3 per cent on petrol spend. With the potential to earn an average of up to £176 per annum, that will hopefully leave everyone with a little spare cash to spend on their loved ones."