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Couples save 68 pounds a month more than singletons: UK study

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Press Trust of India London

Married life is likely to guarantee financial as well as emotional security, for it generally encourages sacrifice and saving rather than frivolous spending, a UK study has said.

Britons who are in a relationship generally save around 68 pounds a month, 800 pounds a year extra, according to a research by National Savings & Investments, a state-owned savings bank in the UK.

The idea of having a joint target such as saving to buy a home, have a family or build up a nest egg imposes a discipline on spending habits, the Daily Mail reported.

Some 57 per cent of people in a couple say that their husband or wife plays a part in encouraging, even nagging, them to put money aside.

 

For some Britons, their partner's influence has a particularly dramatic effect, with one in five saving at least 200 pounds more per month, an extra 2,400 pounds over a year.

It seems that men, who might have frittered away cash on cars and nights out, are particularly susceptible to the pressure to save once they find a partner.

Men were saving an average of 85 pounds more each month due to their partner's influence, compared to a 50 pounds increase for women.

Young men, those aged 25-34, are most influenced by their partners, saving around 100 pounds more each month.

The research found that for some women, the feckless spending of their men makes them save even harder.

As many as 15 per cent of women in relationships admit to being motivated to save more due to their partner's bad financial habits.

NS&I director, John Prout, said: "It is good to see that people in relationships are motivating one another to save significant sums of money."

"As well as helping each other save towards goals and providing more security in difficult times, these savings will make a difference for the bigger financial milestones that come during a relationship, like buying a home, or saving for life in retirement," he added.

The study found that money is clearly a point of tension in many relationships.

Around half of women believe that they are splitting all of the couple's costs evenly. However, only one in four men agree that this is the case and believe they are carrying the biggest burden.

  

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First Published: Jul 21 2012 | 6:36 PM IST

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