10-Feb-2020 • Personal Finance
Fewer couples (49%) are choosing to celebrate Valentine’s Day this year, compared to 56% last year, according to ME’s latest Love and Money Survey.
Newly loved-up couples are the most likely (62%) to celebrate on Valentine’s Day, compared to couples who have been together for more than 10 years (34%).
The two main reasons couples forfeit the romantic holiday are money related; 55% say it’s a waste of money and 40% believe it’s purely a way for florists and card companies to cash in.
“Australian’s spending habits have tightened up, so it’s no surprise that fewer couples are planning to spend money on Valentine’s Day this year,” said ME’s money expert Matthew Read.
For the 49% of couples choosing to spend money on the annual celebration of love, most (84%) say it’s the thought that counts, not the amount spent, when it comes to Valentine’s Day spending.
Lovebirds estimate they’ll spend an average of $150 on their partner, with married couples (19%) and millennials (24%) the most likely to splash cash and splurge more than $200 on their partner.
Most couples plan to fund their Valentine’s Day celebrations with a combination of methods, with savings being the most popular (71%), followed by credit cards (35%) and buy now, pay later schemes (11%).
“You shouldn’t feel pressured to spend money on Valentine’s Day, however it’s a good idea to chat with your partner beforehand so you’re both on the same page when it comes to gifting, and one of you isn’t caught empty-handed on the day.”
Interestingly, 20% of respondents said their partner is stingy when it comes to buying presents.
ME’s survey also found 1 in 3 respondents said buying a present for their partner depends on whether the relationship is going well or rocky. If you’ve only been with your partner for 1 to 2 years, this jumps to 1 in 2 who determine present giving on the rockiness of the relationship.
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