The majority (40 per cent) of Australians don’t like to spoil their partner on Valentine’s Day and only one in five care about the day of love.
Suncorp Local Market Manager Amanda James said despite more people not embracing the occasion, for those that do it is still important to budget and set expectations as a couple to ensure you’re both on the same page.
“Communication is key in any relationship but definitely in the lead up to Valentine’s Day, to ensure you are both aligned when it comes to expectations around the celebrations,” said Ms James.
“Sitting down with your partner to set a budget, and sticking to it is essential to avoid financial stress in your relationship.”
The research also revealed some common trends with how couples manage their money – the most common was that the person who earns more money contributes more to the expenses (33 per cent), closely followed by couples who split everything 50/50 regardless of who earns more (31 per cent).
Ms James said managing money can be a point of contention for some couples.
“Research shows that one in five people believe their partner lives beyond their means and feels they both have opposing views about how money should be managed.
“While the majority of Australians believe Valentine’s Day is a ‘rip off’, 55 per cent of us still celebrate the annual occasion with our partner.”
On average, males spend more on Valentine’s Day than females ($110.30 vs $88.10), with males more likely than females to celebrate because they don’t want to upset their partner, and because they will get into trouble if they don’t celebrate it.
Celebrating Valentine’s Day is higher among those who are younger, have been in a relationship for less time and are not married, which Ms James said suggests the excitement of celebrating the day wears off over time.
“The gift most couples commonly think would be ideal for them is a date sharing a meal (24 per cent), although the same number say they would want to receive nothing.
“We know financial strain can put stress on a relationship so it is important to be open and upfront with each other about your finances to avoid any unwelcome surprises.”
One in five people admit money is a point of tension in their relationship, with 15 per cent of us believing that having a secret bank account is a good idea.
To avoid financial strain in your relationship, here are Amanda James’ top tips for managing money:
- Honesty is the best policy – talk to your partner about your shared financial goals as well as financial concerns. It can be beneficial if you are both saving for a shared goal, such as a house or to start a family. Alternatively, share financial concerns with your significant other because a problem shared is a problem halved.
- Set some limits and stick to them – work together to set limits, such as keeping gifts under a certain amount. Consider creating a budget so you don’t overspend and discuss large purchases together.
- Set up automatic direct debits to transfer to your savings account for your shared financial goals.
For further financial advice, head to www.suncorp.com.au