Is Dating Making You Broke?
Some may say the ultimate freedom of singlehood is priceless.
But is it emptying your bank account?
Canadians are spending a pretty penny on dating, and it’s not just for Valentine’s Day.
As it turns out, you can put a price on love, and for Canadians the price tag on courtship can be quite costly.
Canadians spend an average of $760 on expenses when dating over the course of a year, according to a Jan. 30 survey from RetailMeNot.ca.
That includes everything from getting dolled up, dinner and drinks, and gifts to woo that special someone.
The majority of single Canadians - 75 per cent - agree dating can be draining.
It’s “not just from being out late at dinner, but exhaustive on your wallet, too,” said RetailMeNot.ca’s shopping and trends expert Sara Skirboll.
More than one-third of single and seeking Canadians (36 per cent) said they have to save up and set aside a portion of their budget to support their dating life.
For those actively dating, the costs can really make a dent in the bank account, with single Canadians estimating to spend $150 per month on dating, adding up to about $1,800 per year.
No wonder over half of all Canadians (66 per cent), single or not, agree dating can be very expensive and 65 per cent believe it is more expensive than being in a committed relationship.
On average, single Canadians plan to spend the following amounts while dating:
A DATE ITSELF
$84 on dinner and drinks
$44 on cocktail dates
$22 on coffee dates
GETTING DOLLED UP
$62 on new outfits to wow dates
$38 on personal maintenance and grooming
From coffee meets to cocktail dates, trying to find your special someone can really add up.
In an attempt to keep costs down, 58 per cent of Canadians say that they go ‘dutch’ with their date, splitting the bill 50/50. But even that doesn’t take away the financial burden.
For the 61 per cent of Canadians celebrating the day of love, dating or committed, the costs continue to rise with people planning to spend an average of $170 on the one day alone.
Those in long-term relationships tend to have it a little easier, with 71 per cent of Canadians saying the older the relationship, the less people spend on Valentine’s Day.
For those in new relationships, save up — nearly 70 per cent of Canadians say their first Valentine’s Day together receives the biggest celebrations and therefore, the steepest bill.
On average, Canadians celebrating this Valentine’s Day plan to spend the following amounts:
Chocolate or Candy: $35
Material Confidence: 40 per cent of single Canadians like to buy a new outfit for a date so they feel more confident;
Valentine’s for the Ladies: The majority of Canadians - 81 per cent - believe women tend to be more spoiled on Valentine’s Day and 77 per cent believe that men are less excited to celebrate this holiday;
Selfless Lovers: Only 30 per cent of Canadians expect to receive a gift on Valentine’s Day from their significant other;
Love a Celebration: 22 per cent of Canadians celebrate Valentine’s Day regardless of whether they are seeing someone or not.
How much do you spend on your love life?
- Mississauga Could Soon Be Home to Amazon’s Second North American Headquarters
- Peel Region PC Candidates Split Over Endorsements in Leadership Race
- Canada Breaks Tourism Record in 2017
- What's Open and Closed Family Day in Mississauga
- What Does $300,000 Get You in Mississauga Compared to Other Cities?
- More Canadians Withdrawing From Their RRSPs: Poll
- Here's How Much You'll Probably Spend on Holiday Shopping This Year
- Canadians are More Worried Than Ever About Texting and Driving
- Report Finds Some Canadians are Earning More and Donating Less
- Survey Says Canadians Waste a Lot of Time Not Working at Work