Is Valentine’s Day outdated?

Insurer dishes out advice on how Australian couples can be financially prepared – Valentine’s Day or not

Is Valentine’s Day outdated?

Insurance News

By Mina Martin

Many Australian couples may not be as lovey-dovey this Valentine’s Day, with 45% of couples planning to give the romantic holiday the cold shoulder, according to a new Suncorp research.

The study, which polled 1,000 Australians aged 16-64 from around the country, found that while romance remains a key driver for many couples, with 31% saying Valentine's Day is an opportunity to be romantic, 49% of people in a relationship said they will avoid costs associated with the occasion; while the remaining 51% intend to spend an average $127 to celebrate Valentine’s Day with their loved ones. 

The Suncorp research also revealed that 51% of women feel the holiday is outdated, compared to 37% of men. The figures were reflected in the amount they are prepared to spend for Valentine’s – $93 for women and $160 for men, said Suncorp's Lynne Sutherland. 

“Despite Valentine’s Day becoming increasingly outdated for some, it’s still a key date on the calendar for many and people should be prepared for how much they expect to spend,” said Sutherland. “We are all guilty of an impulse buy, especially when it comes to buying gifts for loved ones. Planning for a purchase, budgeting, and prioritising ‘needs’ vs ‘wants’ will help you to feel financially prepared. Couples should also try to be open about their Valentine’s Day plans – this not only assists with budgets, but helps with managing expectations too.”

Sutherland said it was pleasant to see that 29% of couples jointly manage their finances, given that “financial stress can create major issues in a relationship.”

“Along with savings and debt, it’s also about understanding what motivates each other’s spending and savings behaviours, and how you want to approach your finances together,” Sutherland said. “Everyone has a preferred way of doing things, and there certainly isn’t a one-size-fits-all approach for any type of money management, including how to tackle it as a couple. For example, the research found 58% of couples have a joint account and 46% have separate accounts. It’s all about finding a formula that works for both of you.”

The study also found that more men believe they are financially savvy, at 41%, as compared to 16% of women; and that couples plan to spend less the older they get – with couples aged 16-34 saying they will spend $86; 35-49, $73; and 50-64, a mere $34.

NSW romantics were found to be the most generous senders, at $162, followed by Victorians, $131; those in Australia’s Capital, $119; Western Australians, $107; Queenslanders, $99; South Australians, $98; and Tasmanians ($94). 

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