Canadians share their views on the cost of dating, and financial turn offs
They say that opposites attract, but couples are unlikely to find that so when it comes to their finances.
With Valentine’s Day one week away, Canadians have been sharing their concerns about the financial habits of their partners or potential partners, in a flurry of surveys from financial services firms.
But that’s assuming that they can even afford to go dating in the first place, as BMO has discovered that the cost of living has driven up the average cost of a date to $173, with a typical 10-21 dates on average before committing to a relationship making a total spend of $3,621.
The BMO Real Financial Progress Index survey also found that 42% of respondents have changed their dating plans because of finances with 30% cancelling a date altogether to save money.
Asked about financial attractions, those who took part in the poll cited being responsible with finances 95%), being able to discuss finances with their partner (88%), having a good financial plan (87%) and having a successful career trajectory (83%).
Men are more likely that women to say their net worth affects their dating prospects (48% vs. 36%).
Financial incompatibility
Meanwhile, a survey from CIBC direct banking business Simplii Financial reveals that 51% of single Canadians say they would consider ending a relationship due to financial incompatibility, with financial stability considered a crucial factor in dating decisions by 65% - for a quarter, its more important than physical attraction.
But in the current economic climate, almost half of respondents said they have adjusted their dating expectations. A potential partner with significant debt would make three quarters of poll participants hesitant.
Yet more insights comes from Wise, which found that 75% of Canadian couples feel comfortable discussing finances with their partners and 56% do so regularly – although 88% report disagreements when they do.
The topics most likely to result in disputes include spending on non-essentials, when constitutes necessary monthly spending, and savings in relation to income.
The survey also found that Canadians prioritize important financial discussions within the first year of their relationship, focusing on existing debts (70%), sharing expenses (69%), budgeting strategies (66%), and major planned purchases like a house, car, or education (62%).
