Miserably Ever After: Home | Regional Statistics | News Release
News release
Thursday 21 July 2005
MISERABLY EVER AFTER
Romance is well and truly dead for a new breed of Britons who are staying in loveless relationships because they can’t afford to leave.
According to new research from Skipton Building Society, one in 20 people are financially shackled to their partner1, and rising property prices and high levels of debt are being blamed for the dramatic increase in the number of ‘Money Over Love Couples’ (MOLCs).
Good relationships are being sacrificed for fiscal security by a significant number of Britons – nearly one in 10 people (9%) said that they would be more likely to leave their partner if money was taken out of the equation, with 7% of respondents saying that they are unhappy with their current partner.
Being under pressure financially means that things have got pretty uncomfortable for some – 11% of people have friends who carried on living with an ex even though things got difficult.
The high cost of modern living is blamed for the rise in MOLC partnerships – more than three quarters of respondents (76%) feel that the number of couples who can’t afford to break up has risen over the last five years. A similar number (75%) think it’s because having large amounts of equity in a property makes it difficult to buy out a partner. Two thirds (64%) blame extortionate property prices and 41% claim that rising personal debt makes it hard to afford to live alone.
It seems that women are more anxious at the prospect of separation. One in three (35%) women say they wouldn’t be able to afford their mortgage repayments if they split from their partner, compared with only 15% of men. Nearly one in five (18%) women would have to return to work and one in six (16%) would have to rely on their ex for financial support, compared with just 1% of men.
15% of respondents cited financial security as one of the main reasons they stay with their partner
Jennifer Holloway, head of media relations at Skipton Building Society, said, “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? 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.
"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.“
ENDS
For further information, please contact:
Georgie Carter, Band & Brown Communications - 020 7419 7329 - gcarter@bbpr.com or
Eleanor Kestenbaum, Band & Brown Communications - 020 7419 7315 – eleanor@bbpr.com
Editor’s Notes
- Skipton is the UK ’s seventh largest building society, with a national presence represented by its 84 branches, covering the country from Aberdeen to Plymouth . An innovator in the field of mortgage and investment products, the Society stands apart from its counterparts as the parent to 15 subsidiary companies, many of which operate in the financial market.
- The research was undertaken by Tickbox.net, in June 2005 amongst a sample group of 1,173 people over the age of 25 and living with a partner.
- Advicenow.org.uk provides user-friendly information about the law and rights, with hand-picked links to hundreds of web-pages, bringing together the best available information.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.