British romantics are set to spend £167 million on presents and treats for their partners to make up for forgetting Valentine's Day.

On average, people are prepared to pay up to 50 per cent more on a gift than they had originally intended, according to research by internet bank Cahoot.

But, according to financial experts, older married couples should consider an alternative (and slightly less romantic) present for each other - a divorce.

They have also said anyone thinking about popping the question should consider the cost before before getting down on one knee.

In Cahoot's research six out of ten people said they would prepare a special meal to say sorry for forgetting Valentine's while 18 per cent would take their loved ones on a romantic weekend.

Two-thirds would spend less than £20 on Valentine's Day with 25 per cent spending between £21 and £50 and ten per cent spending more than £50.

But six out of ten people would try to reduce the cost with 41 per cent claiming they would stay in and cook a meal and rent a video.

Five per cent said they would dump their partner beforehand to avoid buying a gift.

Dumping partners might also be an option for those penny-pinchers who are married.

Reasonably well-off couples with property of any value have a strong incentive to be married on the grounds of capital gains tax (CGT) and inheritance tax (IHT) but couples heading towards retirement might be better off divorced.

Spouses can transfer assets between them without attracting CGT, which hits at rates of between ten and 40 per cent once people hit their £7,700 personal allowance.

A widow or widower also does not need to worry about IHT, which cohabiters would have to pay at 40 per cent on assets worth more than the £250,000 personal allowance.

However, the main issue for older married couples is that local councils have the right under the 1948 National Assistance Act to get them to contribute to the costs of long-term care.

Money makes few people go misty-eyed but experts say these issues need considering in advance, no matter how unromantic they seem.