The BMO Real Financial Progress Index has revealed that Americans are spending thousands of dollars each year to find love and keep the romance alive, with the average adult spending $2,279 (£1,690) annually on dating.
Whether they're single or in a committed relationship, many Americans are willing to splash out on dates despite rising living costs. The survey found the average date costs $168 (£125) once everything from pre-date grooming to transport is taken into account.
Americans who have found lasting love say it took an average of 10 dates before committing to a relationship, meaning singles spend an estimated $1,678 (£1,245) before finding 'the one'.
Dating Is Becoming More Expensive
The rising cost of dating is forcing many single Americans to rethink their plans. More than 40% said they had changed their date plans because of financial pressures, while more than one in four admitted they had cancelled a date altogether because they couldn't afford it.
Paul Dilda, Head of U.S. Consumer Strategy at BMO, said that 'dating or being in a relationship today comes with pressure to spend'.
Some couples are also feeling the pinch. Anne and James, who have been together for four years, estimate they spend around $135 (£100) on a typical date night, with a trip to the cinema alone costing almost $67 (£50) once tickets and snacks are included.
Gen Z Tops The Dating Spending League
Generation Z is spending more on dating than any other generation, with the average date costing $194 (£144). Millennials follow closely behind at $191 (£142) per date, while Generation X spends $172 (£128) and Baby Boomers spend $127 (£94).
Gen Z also goes on more dates than any other age group, averaging 14 dates and spending around $2,676 (£1,985) each year on dating.
Erik, who is single, believes 'a date a month' is a reasonable average. Others are becoming more selective about where they spend their money. Bella, 25, said she prefers 'to stay in and watch a movie at home instead of spending money on a date with someone she doesn't have an interest in dating'.
Couples, however, tend to spend more per outing than singles, splashing out an average of $28 (£21) more on each date. Hannah, who is in a relationship, said she's more likely to pay for extras because she'll 'pay for extras to enjoy my night more, such as better alcohol'.
Millennial men in committed relationships are the biggest spenders, with the average date costing $252 (£187).
Money Matters In Modern Relationships
The survey suggests that finances are becoming an increasingly important factor in modern dating. More than 40% of single Americans believe their net worth affects their dating opportunities.
When asked what financial qualities they found most attractive in a partner, respondents ranked financial responsibility, being open about money and having a solid financial plan as the top three traits. Other desirable qualities included having a successful career plan, a high credit score, owning a home and earning a good income.
Almost 40% believe couples should begin discussing finances by the time their relationship becomes official, while one in 10 think money should be discussed after just a few dates.
Aaron, who is single, admitted he 'feels uncomfortable discussing money on the first few dates', preferring to wait until the relationship is more established.
Financial Honesty Could Be The Key To Lasting Love
Despite the importance many place on financial openness, the survey found communication still has room for improvement.
Only just over half of couples share equal responsibility for meeting with a professional financial adviser, while just over one in 10 people in committed relationships rarely or never discuss household finances with their partner.
One in four Americans admitted they leave out financial information that reflects badly on them when talking to their partner, while one in 10 said they regularly lie about their finances.
More than 35% of respondents said spending is a frequent source of conflict in their relationship, and over 40% believe their partner spends too much. Among Millennials, that figure rises to more than half.
Doug, who is married, said he prefers sharing finances with his wife because 'they hold each other accountable'.
The survey also found couples who fully integrate their finances are more likely to agree on financial goals, understand each other's spending habits and feel comfortable discussing money.
'The data suggests that eliminating the line between "yours" and "mine" can help couples live in financial harmony,' Dilda said. 'It may sound like a recipe to create bickering, but bringing more financial transparency into your relationship may actually help increase your odds for happily ever after.'
Less than 30% of couples who fully combine their finances said differences in income caused stress in their relationship, compared with 36% of couples who keep some finances separate.
