Research: Britons reducing spending on partner

Britons are reducing the amount of money they spend on their partner due to the recession.

Britons are reducing the amount they use their current account balance to buy items for their partner, new research has revealed.

According to a study published yesterday (September 14th) by Santander Credit Cards, general money worries and the rising cost of living in the UK has resulted in people being more frugal when it comes to spending on their next of kin.

Figures collated by the financier show that the outlay of consumers on their loved ones has fallen by around 20 per cent from £1,103 annually to £879 per year.

There is also a discrepancy in terms of how men and women plan to cut their spending on their partner, with the former sex indicating this will be done to the tune of 18 per cent while the latter noted a cut of 23 per cent is likely.

Recently, David Rodger, managing director of the Debt Advice Foundation, stated that repaying credit card debt is only going to get tougher in the near future.

Following the recession, an increasing number of families across the country have been forced to borrow thanks to high inflation and the rising cost of living, with many unable to afford essentials such as gas and electric without taking on credit.

And Mr Rodger has warned this situation could get worse in the coming months.

The expert explained that a lot of individuals are borrowing "just to pay for the supermarket shopping or the phone bill", and added that as "prices go up and wages remain static", the issue of repaying debt will get "increasingly difficult".

Recently, Mr Rodger urged struggling families to draw up and then stick to a strict budget in order to manage their finances more efficiently.

Families finding it tough to deal with debts accrued on credit cards throughout the recession should take the time to draw up a strict budget, the expert has said.

In recent times, many households have been forced to resort to borrowing on products such as personal loans in order to make ends meet, as the growing cost of essentials like gas and electric continues to wreak havoc with their finances.

However, while it can sometimes feel as if there is no light at the end of the tunnel in terms of debt, Mr Rodger has offered some tips on how people can stabilise their situation.

"It sounds obvious, but all too often people struggle to find the time to create a budget plan, but it really is the first thing to do," he noted.

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