Cupid has his arrows ready, but quite a few lovebirds might be taking one to the heart—not in a good way. That’s because a recent survey on Valentine’s spending intentions showed people expected their partners to spend significantly more on them than they planned to spend in return.
The Chase Blueprint survey asked people how much they expected to spend on Valentine’s Day, versus how much they thought their significant other would spend. Men thought their partners would shell out more than women did.
Men predicted their mates would spend an average of $230, while women expected $196 to be spent on them. But when they were asked about how much they intended to actually spend on their loved ones, women said they’d only be shelling out $71, while men said they’d spend $98.
Men were also more likely to say they didn’t want any presents at all, with 43% of them saying they didn’t even want a gift.
Chocolate, dinner out, and tech gadgets
As for what to get that special someone, 60% of respondents said they prefer chocolate to flowers. Sixty-four percent would choose to go out to dinner than have it cooked for them at home, and 60% would rather unwrap the latest technological gadget than a piece of jewelry.
But whatever you plan to do today, keep it a secret. Seven out of 10 people said they’d rather be surprised by their sweetheart than pick out their own gift.
The big question
After getting down on one knee, the next question might be: should we open a joint checking account? Okay, maybe not, but it should be. The Chase survey found that 45% of people think being in a relationship makes money management more difficult. Only 26% said it’s easier to deal with finances when you’re coupled up.
So although 65% of those surveyed either have already combined their finances, or are willing to do so, it’s probably a good idea to discuss it before merging accounts.
‘Til debt do us part?
Debt is another story. According to the National Foundation for Credit Counseling (NFCC), a majority of people have serious doubts about taking on a partner’s large debt. Thirty-seven percent of survey respondents would not marry their loved one until the balance was paid off, and another 10% said they’d go ahead and wed, but they would not help pay off the debt. Seven percent said they’d call the whole thing off if their partner were seriously in debt.
But romance is not completely dead. The other 46% of people said that not only would they go ahead with the wedding, they’d pitch in and help pay off the debt.