BMO says half of single Canadians say dating is no longer worth the money as costs squeeze goals
Half of single Canadians say dating is no longer worth the money – and many are treating it like a line item that needs cutting.
The latest BMO Real Financial Progress Index finds 49 percent of single Canadians do not believe dating is financially worth it and 50 percent have gone on fewer or less expensive dates because of inflation and the rising cost of living.
On average, Canadians spend $174 per date, including transportation, grooming and attire, and expenses such as food, beverages and tickets.
Those numbers are colliding directly with financial goals.
BMO reports that 35 percent of singles say the cost of dating is affecting their ability to reach their financial objectives, while 66 percent of Canadians believe it is important to save money during the dating stage to afford a better life after marriage.
Two in five single Canadians say net worth affects their own dating prospects (41 percent) and how they evaluate a potential partner (39 percent).
That evaluation is heavily financial.
Singles rank financial responsibility (95 percent), being able to talk about money openly (92 percent), having a good financial plan (85 percent), a successful career trajectory (82 percent), a high credit score (76 percent) and a high‑earning job (68 percent) as key attributes in a prospective partner.
Top dealbreakers include not being truthful about money (54 percent) and refusing to talk about money (41 percent), followed by being unwilling to spend on things they consider important (23 percent), having a low credit score (21 percent), minimal retirement savings (15 percent) and earning significantly less than them (14 percent).
Cost pressures are particularly acute for younger Canadians.
“There’s no mystery why young people are wary of discretionary spending,” said Sal Guatieri, senior economist at BMO.
He pointed to “a 20 percent” rise in the cost of living over five years, youth unemployment “near 13 percent” after a two-point increase, and “almost no job growth” for 15- to 24-year-olds in the past year.
The survey also shows clear gender gaps in expectations and pressure.
Some 58 percent of men expect to pay for dates, including dinner, drinks and tickets, while 72 percent of women expect costs to be split evenly; fewer than 23 percent expect the other person to pay.
Over one in three (34 percent) men feel pressured to plan expensive dates, nearly double the share of women (18 percent).
Men are more likely to say the cost of dating has impacted their ability to reach key financial goals (35 percent vs. 28 percent of women) and to feel their net worth influences their dating life (40 percent vs. 32 percent of women).
Money tensions extend into established relationships.
Over a quarter (27 percent) of Canadians say different income levels have created tensions in their relationship and nearly a third (32 percent) say spending is a source of conflict.
More than half (54 percent) feel financially dependant on their partner or spouse, with women 13 percentage points more likely than men to feel this way.
Men are 12 percentage points more likely to say their partner or spouse is the more frugal one.
“Affordability concerns are top of mind for many Canadians, so dating is increasingly being viewed through a financial lens,” said Sumit Sarkar, head, Everyday Banking Products, Money Movement & Value Proposition, BMO.
He said a solid financial plan, developed with a professional adviser, can help Canadians make decisions, adjust as life and relationships change, and stay on track toward real financial progress, whether they are single or with a partner.
