Money can’t buy you love, but it can certainly make the quest to find it easier. Anyone who is on the lookout for love will find that the cost of living crisis has had a huge effect on the dating scene, however those in relationships might also be struggling to foot the bill at restaurants.
The pressure of cuffing season may be gone, but the financial squeeze is still here. As Valentine’s Day approaches, millions of people across the UK – whether they’re single or in a relationship, will find themselves on a date. But while dating is meant to be exciting, and give you a thrill, there’s a shadow forming in the shape of the financial repercussions of courting.
Dating doesn’t come cheap, and events such as meals out, cocktails, going to the cinema or even trips to play crazy golf can come with a rising price tag.
As we near another Valentine’s Day, are more people feeling the pinch this year? Millions of households are still continuing to struggle, and paired with a freezing cold start to 2024, utility bills, food prices and other household expenses remain high.
To reveal how much the dating scene has shifted, Creditfix ran a survey which polled adults across the UK to reveal how the ‘cost of living’ crisis has impacted romance.
Finding love comes on a budget
Our survey found that almost seven in ten (69%) are not only going on fewer dates now due to rising costs, but also think that it will have an impact on their dating life in the next year.
Going on dates is not only an expense when it comes to footing the bill, but it also often means paying for travel, and potentially clothes. For some, they may also be concerned that there will be an assumption that they pay the bill.
Our research found that 50% still don’t want to split the bill on a first date. However, with the average person spending £56.80 per outing, this could easily rack up into hundreds of pounds for someone dating regularly.
An attempt to please without spending is hard for Brits, as 64% admit to buying new clothes or accessories for a first date, while almost half (48%) have admitted to spending more than they can afford on a date in an effort to impress.
28% have used a credit card on a date and 5% have gone into an overdraft, in a sign that people still don’t feel comfortable admitting their financial circumstances to their date. For some (8%), they’ve asked their family and friends if they can borrow money to foot the cost of the bill, while 6% have used buy now pay later services such as Klarna to afford the outing.
If you’re in credit card debt, tackling it can be daunting, especially if you feel like you’re stuck and don’t know how to get on top of your debts. An IVA or a Debt Management Plan could help you to pay off your debts with a monthly repayment plan that suits your financial circumstances.
Dating in the age of the housing crisis
With exploding mortgage rates, which has also led many landlords to raise rent prices, some couples are also fast-tracking their relationship by moving in sooner than they would usually do. One survey found that the average time that couples wait before moving in together is 14 months.
However our research has found that 15% of couples have moved in with each other sooner than they normally would, due to the cost of living crisis causing a ripple effect on bills, coupled with the cost of dating.
We’re more selective with who we date
People are also being less open about going on dates with people they might not be 100% feeling, with one in six people being more selective about who they’re going on dates with due to financial strain.
In fact, some are even screening their dates before they meet them, as 13% regularly have FaceTime or Zoom dates before meeting in person. As people become increasingly more selective, it not only means that they’re spending less throughout the year on dates, but it could also mean that other people are, by proxy, going on fewer dates since there’s a shorter pool of people.
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.
