UK, 14 August, 2023: New research by Experian reveals that one in five singles (22%) have gone into debt from dating amidst the rising cost of living.
On average, singles go on two dates a month, and over a quarter (28%) now say they are using their credit cards to fund expenses. One in four (25%) singletons say they find it difficult to pay money owed back at the end of each month, suggesting that dating could be adding pressure to the financial health of those looking for love. The average spend on a credit card is £78 per date, meaning the cost of dating could accumulate to a total of £1,872 per year if a person is unable to pay it back.
Over half of singles (54%) say the expense of dating now puts them off, with almost the same proportion (53%) believing it has become a luxury.
Love Don’t Cost a Thing…
Experian’s research found that singles expect someone to pay on average £52 if they’re picking up the bill for the date.
Almost half (48%) want to impress their dates by going to nice places but simply can’t afford to, with a further 39% saying they’ve opted for cheaper dates to lessen the impact of the rising cost of living on their quest for love.
James Jones, Head of Consumer Affairs at Experian, says: “While no one wants to miss out on the fun of dating, the reality is that everything has become more expensive recently, and with that, changes may need to be made to our spending habits.
“Although it’s always nice to treat someone, and be treated, this doesn’t have to mean grand, romantic gestures. A great date is the company you share it with, not how much you spend, so don’t feel under pressure to spend above your means. A daytime stroll around a free public park could be just as enjoyable and only set you back the cost of an ice cream!””
The rising cost of living has escalated conversations around money during the initial stages of dating. 39% of singles say they now broach the subject of money much earlier on with their potential partner than they would have done previously. This is particularly true of those aged 18-29 (50%).
Financial goals (54%) and habits, such as budgeting (33%) are the most popular topics of conversations, with one in five (20%) having these discussions even before arranging a date. This appears to be a healthy step towards dispelling Brits’ traditional reluctance to talk about money, with 62% of respondents saying that a potential partner’s financial background wasn’t important, they just wanted someone who was willing to be open and talk about money.
James Jones continues: “Although it’s a good idea to be on the same page as someone in terms of financial attitudes, values and goals, remember not to give away personal information on your dating profile or when meeting someone new. Fraudsters could use this information to gain access to your financial accounts or even open new ones in your name, so avoid sharing your date of birth or personal address.”
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Notes to editors:
Based on a survey of 1,003 single people in the UK, undertaken by Perspectus Global in July 2023.
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