It's cheaper to be single!

Robert Powell hits the streets to get your take on whether having a partner is a pricey practice!

The financial benefit of finding love probably isn’t something you think about that often.

Yet as unromantic as it sounds, having a partner does change what you spend money on.

But does it change how much you spend? Or in other words, is it cheaper to be single or in a relationship?

Is it cheaper to be single or in a relationship?

According to figures from Santander, of the 1.6 million Brits who made finding a partner their 2011 New Year’s resolution, one in three of them expect their search to cost them an average of £724.

The stats also show that out of the people who aimed and succeeded in finding a partner last year, 11% said it had definitely cost them money while 9% said it had saved them money.

While most of the people I spoke to thought the initial dating part of a relationship was usually very expensive, a few believed that it would get cheaper the longer you stayed with a partner.

An issue one person brought up was living together.

Are housing costs cheaper if you’ve got a partner?

Most of the people I spoke to today thought that housing costs are cheaper if you have a partner – as you can split the rent or mortgage repayments.

But despite popular belief, couples who are not married or in a civil partnership are barely recognised by the law and have very few rights – even if they do live together.

If you live in a house that is owned or rented by your partner then you’ll have no right to stay in it if you do split up.

Likewise, if you only live with your partner and they die, you won’t automatically inherit anything from them.

Married couples and civil partners also receive certain tax breaks.

Should married couples and civil partners get tax breaks?

Married couples and civil partners who are both under 75 do not currently get any income tax breaks – but Prime Minister David Cameron has spoken of his plans to introduce such relief by 2015.

However there are two types of tax breaks that married couples and civil partners are eligible for.

Married couples or civil partners can transfer assets which are ordinarily subject to Capital Gains Tax between them without paying any tax.

And if you are married or in a civil partnership you are are exempt from paying Inheritance Tax on anything your partner leaves you if they die – and you can also use the remainder of their Inheritance Tax allowance to increase your threshold.

So if you are able to share tax allowances when married or in a civil partnership –would you also share a bank account?

Would you share bank accounts if you got married or were in a civil partnership?

Research from Norwich and Peterborough shows that 61% of Brits have had a joint account while in a serious relationship, with most of these people opening one to pay bills and keep track of their finances.

Of those Brits who have never held a joint account, one in four said they were too territorial over their money to share an account while 11% saw it as too much of a commitment.

It’s easy to get carried away and lose grip of your finances when you meet a new partner.

But this is probably more to do with your own attitude to money than the effect of being in a relationship.

After all, when cupid fires his bow he doesn’t usually ask to see your bank account details first.

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