Everyone knows that it was difficult to be alone during the pandemic. Being in a relationship is also no picnic.
With Valentine’s Day approaching, many couples struggling in the face of the current economic crisis will not celebrate the festival as usual.
Due to the outbreak of the coronavirus, 1 in 10 couples has dropped out, lost their jobs or had their hours cut, according to a recent Love & Money report from TD Bank.
Two-thirds consequently said they find it difficult to reach the most important milestones in life, such as getting married, buying a home and starting a family.
Despite record low mortgage rates, nearly 1 in 4 couples whose work was affected by Covid-19 had to delay buying a home, TD Bank found – even as more couples chose to live together in the past year, or at least to quarantine. In December, TD Bank surveyed more than 1,700 adults who were married, in a committed or divorced relationship.
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Severe cash shortages, coupled with Covid-related restrictions, have even taken a toll on date nights as well as other small romantic gestures.
According to the National Retail Federation, spending on Valentine’s Day gifts this year will drop from a record $ 196.31 in 2020 to $ 164.76 on average per person.
Spending on significant others has experienced the biggest drop, although the consumer also plans to cut back on treats for teachers, classmates, friends and co-workers, the federation found.
The amount that couples plan to spend, of course, increases depending on how long they have been ‘Facebook officials’, according to a separate study by RetailMeNot.
While adults who have been dating for two years or more will spend $ 156 on Valentine’s Day this year, engaged couples will get their debt $ 243, newlyweds will spend $ 317 and those who have been married for a decade or more plan to spend an average of $ 467.
Nearly 4 in 10 Americans said they plan to skip February 14 altogether to save money, according to another LendingTree survey.
On the upside, as more people retire on discretionary spending, they also remove what is often a major point of contention in a relationship, says Mike Kinane, head of consumer deposits, products and payments at TD Bank.
It’s a classic relationship ailment, but if one of you is inherently a saver and the other one a spender, conflict will likely arise.
This silver lining 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, thus better positioning to revisit their long-term financial goals when the life becomes normal, “Kinane said. said.
In terms of spending, most people are to some extent guilty of a lack of transparency – another important source of tension in the relationship.
The fact that he is being forced to face these extreme financial circumstances directly opens the door to honest and fair conversations about money, which has good interests for long-term relationships, Kinane added.
“Talking about finances, it seems like couples are positioning well for future success,” Kinane said.
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