With this bank account, I thee wed
Millions of Britons are letting their bank balance rule their heart - as the cost of splitting up soars.
Following a doubling of property prices in five years, and with personal debt skyrocketing through the £1 trillion barrier last summer, many people simply cannot afford to leave their partner.
More than one woman in three says they could not afford their mortgage repayments if they split from their partner, new research from Skipton Building Society reveals.
And this financial interdependency leads to an unhappy life, with one person in eleven saying they would be more likely to leave their better half if money was not an issue.
The majority of Britons point squarely to the booming property market as a cause for this increase in money-over-love couples.
Three quarters of the population believe having large amounts of equity in a property is keeping couples together as it becomes difficult to buy out a partner, and two people in three blame extortionate property prices directly for the rise in unhappily cohabiting couples.
"There's no doubting two incomes are better than one and by sharing the cost of living, couples can have a nicer lifestyle - but at what cost to their relationship?" said Jennifer Holloway, head of media relations at Skipton Building Society.
Skipton's research finds that women are faring worse than men, with more than twice as many saying they could not afford mortgage payments on their own and 16 times as many saying they would have to rely on their ex for financial support.
"While we're seeing a growing trend for those choosing the high life over their love life, for those who decide to make the break, it's important they get their finances in order to make the most of what money they have," Ms Holloway commented.
"Even better is for couples moving in together to consider completing a living together agreement, such as the one recently launched by advicenow.org.uk, which sets out their financial position before getting too far down the line."
Following a doubling of property prices in five years, and with personal debt skyrocketing through the £1 trillion barrier last summer, many people simply cannot afford to leave their partner.
More than one woman in three says they could not afford their mortgage repayments if they split from their partner, new research from Skipton Building Society reveals.
And this financial interdependency leads to an unhappy life, with one person in eleven saying they would be more likely to leave their better half if money was not an issue.
The majority of Britons point squarely to the booming property market as a cause for this increase in money-over-love couples.
Three quarters of the population believe having large amounts of equity in a property is keeping couples together as it becomes difficult to buy out a partner, and two people in three blame extortionate property prices directly for the rise in unhappily cohabiting couples.
"There's no doubting two incomes are better than one and by sharing the cost of living, couples can have a nicer lifestyle - but at what cost to their relationship?" said Jennifer Holloway, head of media relations at Skipton Building Society.
Skipton's research finds that women are faring worse than men, with more than twice as many saying they could not afford mortgage payments on their own and 16 times as many saying they would have to rely on their ex for financial support.
"While we're seeing a growing trend for those choosing the high life over their love life, for those who decide to make the break, it's important they get their finances in order to make the most of what money they have," Ms Holloway commented.
"Even better is for couples moving in together to consider completing a living together agreement, such as the one recently launched by advicenow.org.uk, which sets out their financial position before getting too far down the line."
Finance Choices



1 Comments:
You are right about many people overextending their credit.
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