Want to save more? Find a partner!

27 July 2012 16:43:12

Couples tend to be better at saving than singletons.

If your savings account is looking a little deflated these days, there could be a simple solution to your long-term financial woes - find yourself a partner! According to research by NS&I, people in relationships tend to save significantly more than singletons. The extra savings could make all the difference when it comes to buying a house, making a big-ticket purchase or funding your retirement.

Couples save hundreds more
Brits who are in a relationship typically save around £800 more a year than their single friends, according to the latest NS&I Savings Survey. A poll of 2,427 adults, conducted by research firm TNS on behalf of the national savings provider, found that the average person saves £87 per month; but this rises by around £68 per month for those with a partner. And a fifth of people manage to save at least £200 more per month, thanks to their partner's influence.

Partners provide saving motivation
It seems that partners often motivate each other to put money aside for a special purchase or a rainy day. NS&I found that 57% of couples encourage each other to save more money in order to meet their savings goals. However, the reasons for saving more in a relationship are not always positive, as 15% of loved-up women admitted they were motivated to save more as a result of their partner's poor finances.

Couples also split over financial control
This is not the only difference between men and women, with the research revealing differences in opinion over which person is in control of finances. Around half of women said the couple's costs were split evenly between themselves and their partners. However, just 27% of men thought the same, with many claiming to pay for most joint items with their own money.

NS&I director John Prout welcomed the news that couples help each other to save, pointing out that this could "make a difference for the bigger financial milestones that come during a relationship, like buying a home or saving for life in retirement". But he urged couples to discuss their finances earlier in their relationship, as this could help them to save more over the years.

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