Debt problems causing Valentine cutbacks?

Brits remain reluctant to spend high sums of money as fears over potential debt problems remain, it has been suggested.

According to MSN Money, the economic climate is having an impact on consumers’ plans for Valentine’s Day – even though the recession has been shown to have come to an end.

Senior editor Simon Ward explained that the site’s research indicates loved ones are set to lose out this weekend.

“Despite the recent good news about the end of the recession, it seems we’re still unwilling to splash out until we’re certain things have really improved for the better,” he said.

The survey found that 59 per cent of people plan to spend less this year than they did in 2008.

However, Yorkshire Bank this week observed that UK adults plan to fork out just under £5 billion on Valentine’s Day – with the occasion costing the average Brit more than £220.

By Andy Mackay