Dating has always been expensive – whether you’re looking for love or trying to keep the spark alive with your partner.
In Scotland, we often celebrate Valentine’s Day the traditional way – whether that be chocolate, flowers, or a meal out. But are we feeling more weighed down by our wallets this year?
For singles, with the pressure to date and meet someone new, how can you strip back your budget this year on dates, while also making sure you’re having fun?
Carrington Dean polled over 1,000 adults to reveal how their dating habits have changed due to the cost-of-living crisis.
Has the dating scene changed as people get more candid about cash?
We’re cutting down on costs this year
Carrington Dean’s survey revealed that more than 70% of people are choosing to cut down on spending this Valentine’s Day, compared to previous years. Only just over 10% of people are not expecting to make any changes.
With the current financial squeeze most of us are feeling, most people are spending a maximum of £50 each month on dating, with less than half happy to spend up to £100.
Attempting to keep up with expectations and the pressures of dating can be tricky, as over half of Brits (55%) admitted to using a credit card to pay for dates in the past.
Using your credit card if you have the funds to repay it each month isn’t always a bad idea, however if you find yourself in a situation where you don’t have enough money to repay your debt, it may be time to re-evaluate your dating expenditure.
If you’re concerned about credit card or personal loan debt, you might consider the Debt Arrangement Scheme to repay what you owe with one affordable monthly payment. Alternatively, you may consider a Trust Deed which could allow you to write off up to 70% of unsecured debts.
Splitting the bill is no longer taboo
According to our research, the rising cost of living has caused more than half of Brits to go on fewer dates overall, with some more acutely conscious of the cost of meeting potential matches.
However, in a promising sign, the majority of respondents think the age-old tradition of men footing the bill is long gone, with 77% of women saying they wouldn’t be put off by being asked to split the bill. However, almost one in ten women did state that they’d be offended to be asked to pay their half.
Men are keen to go halves too, with 61% stating they’d be impressed if their date asked to split the bill – which could be a silver lining on both parts.
With split bills becoming more of the norm, the cost-of-living crisis has made people more conscious of others’ budgets, too. Almost three-quarters of Brits stated they would no longer be fussed if someone paid for a date with a voucher. Of this number, the proportion was high among Scots, with 77% saying they wouldn’t be bothered if a coupon was used to spread the cost.
Gen Z and Millennials prefer cost-savvy dates
Dating habits between millennials and the older generation are notably different as millennials are trying to overcome financial pressures by being more inclined to arrange a cheaper date to get to know someone.
People aged 34 and under are more likely to go on less expensive dates, such as walks in the park – however those aged 35 and older prefer to opt for the age-old tradition of dinner and drinks.
With the cost of living putting pressure on bills and rent, you can’t be expected to fork out on lots of dates. When it comes down to it, a successful date just needs a good connection, a display of interest and the chance to have fun.
If you’re struggling with the rising costs and are worried about falling into debt you’re not alone. Get in touch with the team at Carrington Dean, where we can discuss the options available to take back control over your debt.
METHODOLOGY
We surveyed 1,008 people to find out their dating preferences this Valentine’s Day. Questions were multiple choice, with respondents able to input their own choice for an ideal date.
