A new Valentine’s Day report from the BMO Real Financial Progress Index reveals that 56% of Canadians say the rising cost of living is affecting their dating habits, with many opting for fewer dates or choosing more budget-friendly activities.
The survey highlights how economic concerns are shaping romantic relationships, with 42% of single Canadians adjusting their dating plans for financial reasons and nearly a third (30%) admitting they have canceled a date to save money.
The Cost of Finding Love
On average, Canadians spend $173 per date, covering expenses such as transportation, grooming, attire, food, beverages, and entertainment. With partnered Canadians going on between 10 and 21 dates before committing to a relationship, the total cost of dating before entering a committed relationship can reach $3,621.
The financial burden of dating is a significant concern for many singles:
- 38% say dating costs have impacted their ability to achieve financial goals.
- 41% have left a first date feeling it was a waste of time and money.
- 60% are unwilling to pay for dating apps or professional matchmaking services, with those who do spending only $16 annually on average.
The Decline of Dating
Economic pressures have led to a noticeable decline in dating activity. While single Canadians have gone on an average of three dates in the past year, 55% report having gone on zero dates in the same period. Single men have been on an average of four dates in the past 12 months, while single women have been on three.
Financial Green and Red Flags in Dating
When evaluating potential partners, single Canadians prioritize financial responsibility (95%), open discussions about finances (88%), having a solid financial plan (87%), and a successful career trajectory (83%).
However, financial concerns also create disparities in dating expectations:
- Nearly half (48%) of single men believe their net worth affects their dating prospects, 12% more than single women.
- Men are 20% more likely to feel pressured to plan expensive dates.
- Single women are more likely to consider low credit scores (7% more) and significant income disparities (5% more) as financial dealbreakers.
Navigating Relationships in a Challenging Economy
The economic landscape continues to influence how Canadians manage their finances in relationships. According to the BMO Real Financial Progress Index, concerns over the cost of living (56%), inflation (51%), and a potential recession (48%) remain top of mind.
“While the inflation rate has normalized in Canada, consumer prices are still, on average, 17% higher than four years ago, and food costs are 22% more expensive,” said Sal Guatieri, Senior Economist at BMO. “Although wages are also rising and borrowing costs are coming down, many Canadians continue to struggle with the high cost of living, forcing some to cut back on discretionary expenditures such as dating.”
Discussing Money in Relationships
The study also explores financial communication among couples:
- One-third (33%) of partnered Canadians say spending is a common source of conflict in their relationship.
- 38% believe their significant other spends too much.
- 27% say income disparities have caused tension in their relationship.
- 11% admit they have not been truthful about their finances with their partner.
Financial discussions are increasingly becoming a priority in relationships, with 82% of Canadians believing money should be discussed early on. While 37% say financial conversations should happen when the relationship becomes official, 32% think it should occur when planning to move in together, and 11% believe it should happen when getting engaged or married.
“Our relationship with money is deeply personal, and with dating, it is a matter of whether you see it as a cost or an investment,” said Gayle Ramsay, Head of Everyday Banking, Segment & Customer Growth at BMO. “Whether finding a partner is an immediate or long-term goal, Canadians should focus on building a financial plan that prioritizes their own financial progress and pays their future self first by consistently investing in an emergency savings fund and retirement. Seeking advice from a financial expert can also help you adjust these plans when new goals or relationships emerge, while helping you stay on track towards your goals – regardless of your relationship status.”
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