The rising cost of living is affecting dating habits among singles in Canada, with many saying they’re going on fewer dates or planning less expensive activities, according to a newly released survey.
Canadians looking for a long-term relationship may need to spend more than $3,600 on dates before finding someone to commit to, according to a special Valentine’s Day report from the BMO Real Financial Progress Index.
Canadians typically invest an average of $173 per date for items like food, drinks, and tickets, as well as transportation and grooming and attire costs, the survey found.
Canadians in relationships average anywhere from 10 to 21 dates prior to committing, the survey found. At more than $170 per date, that means the typical Canadian single looking for love is forking out up to $3,621 on dates before making a relationship official.
As the cost of living continues to rise, more than half of the singles polled—56 percent—said they are either going out on fewer dates, are planning less expensive dating activities, or both.
Approximately 41 percent of single participants in the survey reported they left a first date feeling it was a waste of both time and money, while 38 percent said dating costs negatively impact their ability to reach other financial goals.
Related Stories
Another 30 percent said they have had to cancel a date to save money while 42 percent said they have had to adjust their plans for a date for financial reasons.
The cost of going out on dates in the hopes of meeting ‘the one’ has caused some Canadians to become disenchanted with the dating scene, the survey found.
While single respondents averaged three dates in the past year, 55 percent said they hadn’t been on any dates at all in that timeframe.
Sixty percent of those polled said they are unwilling to invest in dating applications or professional matchmaking services. Among the single Canadians who are willing to pay for these services, the average spend is $16 per year.
The shift in dating attitudes comes as many Canadians are forced to deal with challenging economic circumstances, BMO senior economist Sal Guatieri said.
“While the inflation rate has normalized in Canada, consumer prices are still, on average, 17 percent higher than four years ago, and food costs are 22 percent more expensive,” Guatieri said. “Although wages are also rising and borrowing costs are coming down, many Canadians continue to struggle with the high cost of living, forcing some to cut back on discretionary expenditures such as dating.”
Worries about the cost of living have surged over the past three months, with 56 percent of respondents expressing concern, the survey found. Another 51 percent are worried about inflation, and 48 percent said they are anxious about the likelihood of a recession.
Despite these concerns, the majority of Canadians polled (72 percent) said they feel in control of their finances and 38 percent said they feel more financially secure than they were last year at this time.
