Credit crunch causing couples to stick together

29 August 2008

Lack of finance may be keeping couples together, according to research from online bank cahoot.

More than a quarter of British consumers questioned said they are less likely to split up with their partners due to the restrictions of the economic climate – this equates to 12.4 million people fearing the cost of living alone.

Living the single life may come as a shock to one`s finances, as formerly affordable mortgage repayments may become arrears and other debt problems may emerge.

According to cahoot`s survey, men are the most worried about becoming single, with 30 per cent saying they were less likely to break up due to the crunch compared with 25 per cent of women.

Managing director of the bank Matthew Timms advised: "The cost of being single can extend to thousands each year, but with a little careful financial planning you needn`t be tied to your partner purely for financial reasons."

Today, the Chelsea Building Society said families that are willing to help each other financially are less able due to the economic squeeze.

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Gregory Pennington is a member of DEMSA whose code of conduct is approved by the Office of Fair Trading.