Everyone knows that it has been difficult to be single during the pandemic. Being in a relationship is not a picnic either.
As Valentine’s Day approaches, many couples struggling with the current economic crisis will not celebrate the way they usually do.
Due to the coronavirus outbreak, 1 in 10 couples was studied, lost their jobs or had their hours cut, according to a recent TD Bank Love & Money report.
As a result, two-thirds said it is difficult for them to achieve life’s major goals, such as getting married, buying a home, and starting a family.
Despite record low mortgage rates, nearly 1 in 4 couples that Covid-19 affected their jobs had to delay buying a home, according to TD Bank, even when more couples chose to live together or at least put forty together for the last year. In December, TD Bank conducted a survey of more than 1,700 married, engaged or divorced adults.
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Serious cash deficits, along with Covid-related restrictions, have even taken a toll on appointment nights, as well as other small romantic gestures.
Overall, spending on Valentine’s Day gifts this year will drop from a record $ 196.31 in 2020 to an average of $ 164.76 per person, according to the National Retail Federation.
Spending on other significant people saw the biggest drop, although consumers also plan to cut sweets for teachers, classmates, friends and co-workers, the federation found.
Of course, the amount of couples who spend increases based on how long it has been “official Facebook,” according to a separate study by RetailMeNot.
Although adults who have been dating for two years or more will spend $ 156 on Valentine’s Day this year, engaged couples will spend $ 243, brides and grooms will spend $ 317 and those who have been married for a decade or more plan to spend $ 467, on average.
According to another LendingTree poll, nearly 4 in ten Americans said they want to jump on Feb. 14 to save money.
On the plus side, as more people withdraw from discretionary spending, it also eliminates what is often a major point of contention in a relationship, said Mike Kinane, head of deposits, products and consumer payments at TD Bank. .
It’s a classic relationship issue, but if one of you is intrinsically a saver and the other an investor, conflicts are likely to occur.
“This silver line creates a unique opportunity to educate couples about managing their money in the short term and how they can maintain an open dialogue about finances, better positioning them to review their long-term financial goals when the life is back to normal, ”Kinane said. dit.
When it comes to expenses, most people are guilty of a lack of transparency to some extent, another major source of relationship stress.
Kinane, who is forced to face these extreme financial circumstances, opens the door to having honest, honest conversations about money, which augurs long-term relationships.
“Talking about finance seems to position couples well for future success,” Kinane said.
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