Love may be in the air this month but partners will unlikely be on the receiving end as new Lloyds Bank research reveals that people in relationships are more likely to spend on their hobbies than their loved ones.
Change of spending policy
– Only 45% of those in relationships are willing to spend on their loved one on Valentine’s
– People in a relationship are twice as likely to treat themselves than their partner for purchases over £500 over the course of the year
– 82% of those in a relationship have hobbies and interests that they spend on a regular basis including dining out, travel and sports
Under half (45%) of people in relationships are willing to spend money on their partner to celebrate St Valentine. Over the course of a year people are spending an average £265 on their hobbies compared to £217 on their loved ones. The majority (82%) of those in a relationship confessed their ‘other love’ to include dining out, travel and sports based activities. 25 – 34 year olds are the most likely to celebrate Valentine’s with 62% of respondents in a relationship saying they celebrate and spend money on their loved one, this comes to just 24% of over 65 year olds who are willing to do so.
In addition, 10% of us are willing to spend more than £500 on gifts and presents for our partners throughout the course of the year. This more than doubles (22%) for purchases over £500 that we are willing to pay for to treat ourselves during the year. Seemingly, the older we get, the more likely we are to spend on ourselves with 9% of 45 – 54 year olds willing to spend more than £500 on their loved one, while a huge 31% of 45 – 54 year olds surveyed would rather spend this amount of money on themselves.
The survey also revealed that we are more likely to spend quality time on hobbies and activities than we are with a loved one. 44% of those in a relationship who pursue hobbies and activities admitted to spending time on their hobbies up to 2-3 times a week, compared to 35% of respondents in a relationship who said they spend that period of quality time with their partner.
Scots are seen to be the most loving towards their partners, with 7% of Scottish respondents saying they buy gifts for their loved ones 2-3 times a week, compared to the national average of 4%. This drops to just 2% in Northern England. Additionally, 34% of Scottish respondents will buy gifts every 4-5 months for their loved one, compared to 26% in the South East.
Philip Robinson, Director of Current Accounts at Lloyds Bank commented:
“Valentine’s Day is a time to spend and enjoy with a loved one, but with 93% of us spending money on special occasions, it is important to spend wisely and within our means.
“To plan for such occasions, it is important to start with taking some simple financial steps to avoid overspending. Lloyds Bank offers a range of free tools to help customers manage their money, including free text alerts on balance updates, limit alerts and generous next day grace periods, as well as our online tool Money Manager.”
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