Love don’t cost a thing… or does it? Over 70% are spending less on Valentine’s Day this year

Whether you’re single, in a relationship or married, dating has always been an expense.

Developing your connection doesn’t come cheap, and the current economic climate means that people enjoying typical dating activities such as meals out, cocktails and cinema trips are likely to be more cash-candid than in previous years.

Valentine’s Day is celebrated across the masses in the UK with just over three-quarters usually taking part – but are more people feeling weighed down by their wallets this year?

Over the day itself, Finder estimates a whopping £1.37 billion will be spent on planning dates, buying gifts and treating significant others to chocolates and luxury dinners.

And if you’re on a date with someone new, how do you break the taboo of money-worries while still ensuring that you have a good time?

With this in mind, Creditfix ran a survey which polled over 1,000 adults to reveal how their dating habits have changed due to the cost-of-living crisis.

For those looking for love or wanting to spend more time dating their significant other, has the dating scene shifted?

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“Cost of loving” crisis

Our survey has found that over 70% of participants are spending less on Valentine’s Day celebrations in 2023, whether cutting down completely or choosing to go on less expensive dates. Only just over 10% of people are not expecting to make any changes.

With the current financial squeeze most of us are feeling, on average most people are spending a maximum of £50 each month on dating, with less than half happy to spend up to £100.

Attempting to keep up with expectations and the pressures of dating can be tricky, as over half of Brits (55%) admitted to using a credit card to pay for dates in the past.

While there’s not always an issue in using your credit card to pay for meals, if you’re doing so because you don’t have the money elsewhere and you’re living outside of your means, it may be time to re-evaluate before you fall even further into a dating debt.

Tackling credit card debt can be daunting, especially if you feel like you’re unsure where to start to clear your debts. An IVA could help you to pay off your debts with a monthly repayment plan that suits your financial circumstances.

Splurging less on strangers

 According to our research, the rising cost of living has caused more than half of Brits to go on fewer dates overall, with some more acutely conscious of the cost of meeting potential matches.

However, in a promising sign, the majority of respondents think the age-old tradition of men footing the bill is long gone, with 77% of women saying they wouldn’t be put off by being asked to split the bill. However, almost one in ten women did state that they’d be offended to be asked to pay their half.

Men are keen to go halves too, with 61% stating they’d be impressed if their date asked to split the bill – which could be a silver lining on both parts.

With split bills becoming more of the norm, the cost-of-living crisis has made people more conscious of others’ budgets, too. Almost three-quarters of Brits stated they would no longer be fussed if someone paid for a date with a voucher or a coupon.

The generational dating game

Dating habits between millennials and the older generation are notably different as millennials are trying to overcome financial pressures by being more inclined to arrange a cheaper date to get to know someone.

Those aged 34 and under now prefer less extravagant dates, with walks in the park and nights in watching a movie on Netflix stated as the most popular ideal date – with those 35 and over sticking to the status quo with dinner and drinks.

With the cost of living putting pressure on bills, rent and everyday life, don’t feel alone if you’re struggling to fork out on expensive dates.

When it comes down to it, a successful date just needs a good connection, a display of interest and the chance to have fun.

If you’re struggling with the rising costs and are worried about falling into debt you’re not alone. Get in touch with the team at Creditfix where we can discuss the options available to take back control over your debt.

METHODOLOGY

We surveyed 1,008 people to find out their dating preferences this Valentine’s Day. Questions were multiple choice, with respondents able to input their own choice for an ideal date.