Love and Money: CompareCards Survey Finds Americans Expect to Spend an Average of $142 on Significant Other for Valentine's Day

CHARLOTTE, N.C., Feb. 6, 2020 /PRNewswire/ -- According to a new survey by CompareCards, the average American expects to spend $142 on their significant other this Valentine's Day, and generally expects their significant other to spend less in return.  CompareCards surveyed over 1,000 Americans about their feelings surrounding Valentine's Day spending and expectations, and other ways money plays a role in romantic relationships. The results revealed that overspending is not necessarily the best way to win over your significant other's heart. 

Key Findings

• The average American expects to spend $142 on their significant other this Valentine's Day. In return, they think their partner will spend less ($119.20).
• On average, the maximum amount respondents felt their partners should spend was $201.20.
• Men will spend - and expect - more. The average man will spend $248.90 on his loved one, while women will spend just $57. On the other hand, men think their partner will spend $189, while women said their beau will spend $63.90. 
• 31% of Americans would be "turned off" if their partner spent too much on Valentine's Day. 
• 1 in 10 Americans have gone into debt because of Valentine's Day spending.
• More than 1 in 4 Americans have gone into debt while pursuing a romantic relationship.
• Millennials have more dating debt than all other generations.
• 23% of millennials have broken off a relationship because of debt. 

Valentine's Day Spending

When asked how much Americans plan to spend on their significant other this Valentine's Day, the average amounts varied between gender and generation, with men and Gen Xers planning to spend the most on their significant other:

• Overall: $142
• Men: $248.90
• Women: $57.00
• Gen Z: $82.50
• Millennials: $113.40
• Gen X: $293.10
• Baby Boomers: $55.30

When looking at what Americans expect their significant other to spend in return also varies drastically between demographic groups:

• Overall: $119.20
• Men: $189.00
• Women: $63.90
• Gen Z: $82.10
• Millennials: $115.00
• Gen X: $223.70
• Baby Boomers: $41.20

Additionally, 31% of respondents said they would be "turned off" if their significant other spent too much on Valentine's Day. On average, anything above the amounts listed below would be considered too much:

• Overall: $201.20
• Men: $271.90
• Women: $145.20
• Gen Z: $104.10
• Millennials: $196.00
• Gen X: $375.80
• Baby Boomers: $73.60

1 in 10 Americans have gone into debt because of Valentine's Day spending

Past financial mistakes may explain why overspending on this holiday can rub romantic partners the wrong way, especially when you consider the fact that 10% of people have gone into debt for Valentine's Day.

Nevertheless, some romantics may not consider debt a deterrent from creating a magical experience for their significant other as a whopping 22% believe that taking on debt is worth it to make their partner happy.

More than 1 in 4 Americans have gone into debt while pursuing a romantic relationship

Twenty-six percent of Americans admitted to going into debt while pursuing a relationship and 10% have gone into debt just for Valentine's Day related spending. Men (30%) are more likely to have dating debt than women (23%). The most common causes of going into debt was reportedly due to spending on restaurants (52%), gifts (48%) and entertainment (43%).

Millennials have more dating debt than all other generations

Millennials (32.1%) in particular have been most guilty of going into debt while pursuing a relationship but landed in third place when it came to having a history of going into debt for Valentine's Day. Gen Z took the lead with 15.3% admitting they've gone into debt because of Valentine's Day, followed by Gen Xers at 12.8%.

23% of millennials have broken off a relationship because of debt

There isn't a singular reason for why debt leads to millennials ending their relationship, but 10% said it was because they had too much debt, 8% because their partner had too much debt, and 5% because both partners had too much debt. Across all generations, 17% have broken off a relationship due to debt.

Other highlights:

• Nearly half of Americans think a relationship will fail if both people have very different views on debt.
• 73% of partnered Americans say they're on the same page with their significant other when it comes to debt. However, 18% said they have different views, and 10% aren't sure what their beau thinks about debt.

To view the full report and for more information, visit www.comparecards.com/blog/survey-1-in-3-americans-turned-off-partner-overspends-valentines-day/.

About CompareCards:
CompareCards' mission is to help people make smarter, more informed, healthier financial decisions based on deeper knowledge of financial offers. Each month, over 2.9 million visitors come to CompareCards' website to independently compare credit cards side-by-side and choose a credit card based on interest rate, reward benefit, cost savings, and other factors that are important to each person. CompareCards provides easy-to-use, objective tools and educational resources that help people do everything from making credit card comparisons to managing their credit health. For more information, please visit http://www.comparecards.com.

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