Most Helpful Guy
No, but since your not "official" there is nothing to really break up. Just say you enjoyed hanging out with him, but aren't at the point in your life where you want a committed relationship, and would like to stay friends. Do it in person though, don't be a jerk and send him a text, cowards way out.
Most Helpful Girl
No, it's tacky and cowardly. Breaking up over a text is very tactless. It makes you look bad like you are really inconsiderate and so self-absorbed that you couldn't apply some decency in this situation.
Just tell him to his face "Look, this isn't going to work out because of ______"