Ahead of Valentine's Day, a survey by the BMO Real Financial Progress Index reveals that both singles and couples in America are spending significant amounts on dating. The average American adult spends $2,279 annually on dates, with each date costing nearly $168 when considering all associated expenses.
For those in relationships, it typically takes ten dates before committing to a partner, potentially costing singles around $1,678 to find their valentine. Financial pressures are leading many uncoupled Americans to adjust or cancel dates. Paul Dilda from BMO stated, "It's clear that dating or being in a relationship today comes with pressure to spend which can affect how well people are able to stay on track for their goals."
Gen Z is identified as the biggest spender among generations, averaging $194 per date and going on about 14 dates annually. Meanwhile, Millennial men in committed relationships spend the most per date at an average of $252.
Financial responsibility emerges as the most attractive trait for those seeking partners. Despite 44% of uncoupled Americans believing net worth affects dating prospects, traits like financial responsibility (96%), open money discussions (94%), and having a financial plan (92%) rank higher.
While some Americans delay financial discussions in relationships, others admit not always being truthful about finances. Dilda emphasized that financial honesty is crucial for happy relationships: "Instead of feeling the need to spend heavily...Americans should keep in mind that financial progress fundamentals...can be as important to attraction and a happy, healthy relationship as expensive and grand romantic gestures."
The survey also indicates that couples who integrate finances report better alignment in financial planning and goals. Over one-third of Americans cite spending as a source of conflict in relationships; however, shared finances appear to reduce stress related to income disparities.
BMO offers resources for couples and singles aiming for financial progress this Valentine's Day. These include integrating finances through BMO Relationship Checking accounts and consulting BMO Financial Advisors.
The research was conducted by Ipsos between December 23, 2024, and January 20, 2025, involving 2,500 adults across the U.S., ensuring representation according to census parameters.