Who should you dump: your bank or partner?
Believe it or not, some of us have longer relationships with our current accounts than our other halves.
When it comes to affairs of the heart, there are plenty of reasons to end a relationship – your partner eyeing up someone else, never emptying the dishwasher, forgotten anniversaries etc, etc. However, it seems we’re a bit more forgiving of our financial institutions.
According to research from Santander, most Brits stay with their current account provider longer than their significant other – 16.5 years versus 14.1.
Some 57% of UK adults have remained with the same current account provider for more than a decade and one in five has remained loyal to their bank for over 30 years. If a couple stayed married for that long, they would have reached their pearl anniversary.
People in the South East are least likely to switch current accounts and those in the capital are most fickle when it comes to their love lives.
|
Region |
Average length of time people have held the same current account |
Average length of longest relationship |
|
South East |
17.7 years |
14.4 years |
|
Wales |
17.6 years |
15.1 years |
|
East Midlands |
17.2 years |
13.3 years |
|
East |
16.9 years |
14.6 years |
|
Scotland |
16.8 years |
14.7 years |
|
Yorkshire & the Humber |
16.4 years |
14.2 years |
|
South West |
16.4 years |
14.3 years |
|
West Midlands |
16.3 years |
13.9 years |
|
North East |
16.3 years |
14.7 years |
|
London |
16.1 years |
13.0 years |
|
North West |
15.3 years |
13.7 years |
Source: Santander
Despite our reluctance to move current accounts, there are a host of benefits for switching including better interest rates, rewards and improved customer service. For more information on the pros and cons of switching to a Santander account, see Santander’s £100 cashback offer.
Older but no wiser…
You might think we get better at balancing our romantic and financial partnerships as we mature but that doesn’t seem to be the case.
Research from Prudential has found that one in three couples over 40 don’t know anything about their partners’ financial plans for retirement.
Surprisingly, 12% of woman and 11% of men in this category claimed they were not interested in their other half’s money management.
Andy Brown, investments director at Prudential, said: ‘Couples should strive to have open conversations with one another but they also should aim to be constructive and use these conversations to begin laying the foundations for their retirement planning.’
The ubiquitous North/South divide
Like accents and house prices, the North/South divide also plays a part in how a couple communicates about money. Prudential found that those in the North had the least knowledge of their partner’s finances.
|
Region |
I don’t know or understand my partner’s finances |
I know and understand my partner’s finances |
|
North East |
50% |
50% |
|
North West |
40% |
60% |
|
West Midlands |
37% |
63% |
|
Scotland |
36% |
64% |
|
London |
33% |
67% |
|
South West |
33% |
67% |
|
National average |
32% |
68% |
|
Wales |
31% |
69% |
|
Eastern |
27% |
73% |
|
Yorkshire & Humberside |
25% |
75% |
|
South East |
23% |
77% |
|
East Midlands |
22% |
78% |
Source: Prudential UK
For more financial tips for couples, check out Handling your love life and finances.
**This material is for information purposes only and should not be considered financial advice. We strongly encourage our readers not to rely solely on this content, but to seek independent advice when making financial decisions.**
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