More than six out of 10 Aussie couples are sacrificing romance for mortgage repayments this Valentine’s Day, according to new research from Mortgage Choice.
The survey found that the cost of mortgage repayments or saving for a deposit has impacted the relationships of 62 per cent of couples, with 29 per cent tending to stay in instead of going on dates and 24 per cent spending less on gifts for their partners.
Rate hikes right before Valentine’s Day haven’t helped Aussie romances, with Mortgage Choice reporting an 11 per cent rise in the average loan size since last year to an average figure of $691,237 nationally.
More couples are saving over spending this Valentine’s Day, as mortgage repayments balloon following the RBA’s cash rate hike. Picture: iStock
Mortgage Choice CEO Anthony Waldron said the national average loan size was up almost $70,000 year-on-year.
“This shows just how much and how fast the goalposts have moved for the average buyer,” he said.
Data from Compare the Market shows Aussies are consciously looking to spend less this Valentine’s Day to keep up with rising rents and mortgages, with four out of five couples looking to find more affordable ways to spend the day.
Despite this budgeted approach, an overwhelming 73 per cent of respondents said they’d still participate in Valentine’s Day in some way.
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There will be less bubbles and fancy dinners this Valentine’s Day as more Aussies look to save. Picture: Supplied
Twenty-one per cent of couples planned to cook up a romantic dinner at home, while 37 per cent will be choosing cheaper or fewer gifts for one another.
Men were planning to spend $110 on average, while women said they would spend just under $72 on the day.
Romantics in NSW were most willing to splash the cash, with an average Valentine’s spend of $124.40 – well above the national average of $91.59.
West Aussies would be the biggest savers this year, with a much smaller average spend of $49.78.
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A nice dinner at home was one of the most common ways Aussies were looking to cut back on Valentine’s spending.
Compare the Market’s Phillip Portman said the findings could reflect a broader shift in how Australians are approaching discretionary spending.
“Valentine’s Day may be moving away from those big, expensive romantic gestures to simpler acts of love with a smaller price tag,” he said.
“A lot of Aussies – especially the younger generations – are embracing the cheaper ways to show their love or appreciation for someone.”
Mr Portman’s top finance tips for Valentine’s Day included avoiding express shipping offers and romantic packages, as well as being cautious when using credit cards.
He also warned couples not to get stung by the ‘romance tax’, with the price of flowers, chocolates and set‑menu dinners spiking in the lead-up to February 14.
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The price of flowers and romantic gifts usually spikes around Valentine’s Day.
For those heading on a first date this Valentine’s Day, research from Finder revealed just how much costs can add up.
The data shows Aussies spend an average of $149 on first dates, with less than half of respondents (44 per cent) believing the bill should be split evenly.
Two in five (39 per cent) respondents said the person who asked for the date should pay, while 11 per cent believed it was a matter of gender.
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Who should pick up the bill after a first date? Picture: Getty Images
Finder money expert Rebecca Pike said rising living costs were reshaping Australia’s dating culture.
“What was once driven purely by attraction now comes with a price tag, as singles juggle dating alongside soaring rent, grocery and household expenses,” she said.
Ms Pike said problems could start when people had different expectations about who should pay, which can make things awkward before the date even has a chance to go well.
“Finding a relationship still matters, but people don’t want to put their finances under pressure to do it,” she said.
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