Have We Become a Nation of Cash-Conscious Cupids?
12 February 2016
Australia’s affection for Valentine’s Day may have dwindled this year, with 40 per cent of the nation’s ‘taken’ population expected to avoid expenses associated with the impending celebration of love and romance.
According to Suncorp Bank research, of the couples intending to embrace the festivities this Sunday, the average couples’ joint expenditure is expected to be $93 (men: $50 vs women: $43).
Suncorp Bank Regional Manager, Monique Reynolds, said it appeared modern-day romantics increasingly favoured sentimental exchanges, rather than lavish purchases.
“While Valentine’s Day still attracts a high level of engagement and celebration, the research showed that couples are very mindful of their spending during this event,” Ms Reynolds said.
“Victorians are expected to spend more than other states ($58), followed by NSW ($52) WA ($42), QLD ($40) and SA ($35). We also found the country’s most cash-conscious cupids are Northern Territorians who plan to spend $21 on their partner, closely followed by ACT ($22) and Tasmania ($24).”
While the expense may seem low, Ms Reynolds said it doesn’t diminish the importance of couples communicating about lifestyle expenses and household budgets.
“Financial concerns can be a major cause of stress in relationships. It’s important to find time to discuss your expenses and financial goals with your partner to ensure you both have an understanding of your financial position,” Ms Reynolds said.
“Pleasingly, 93 per cent of couples said they discussed their personal finances (debts, lifestyle purchases) with their partner, and more than 60 per cent of both men and women share responsibility of their household budget with their partner.
“Sharing financial goals can also help you remain focused and on track, manage expectations and eliminate pressures when faced with unforeseeable expenses.”
Men vs Women: Who wears the financial pants?
- 40 per cent of males believe they make the financial decisions in their relationship, compared to 25 per cent of women who believe they wear the financial pants.
- We are seeing an increase of the ‘dynamic duo’ approach to household budgets. 70 per cent of women and 60 per cent of men said they share responsibility of their finances with their partner.
- A joint bank account becomes a topic of conversation for couples in their late twenties, with only 29 per cent of couples aged 18-24 years having a joint bank account, compared to 70 per cent of couples aged 25 years and over.
- While majority of couples are transparent about their personal finances, the report revealed one in 10 has a secret bank account.
Top tips for Cash-conscious Cupids
Manage expectations: The report revealed couples (93 per cent) are already discussing their personal finances with their partner. In the lead up to Valentine’s Day, discuss your budget with your partner and agree on gift-giving expectations. This tip can be applied to all celebrations (Christmas, birthdays, anniversaries).
Be prepared: Pre-empt the onslaught of full price red and white paraphernalia, by getting in early or taking advantage of the Christmas sales.
Get creative: Romance isn’t always measured in dollars and cents. Thoughtfulness always goes a long way. A homemade dinner, a picnic or a sentimental gift can be just as powerful in showing someone you care.
About Suncorp: Suncorp Group includes leading general insurance, banking, life insurance and superannuation brands in Australia and New Zealand. The Group has 14,500 employees and relationships with nine million customers. Suncorp Group Limited is a Top 20 ASX-listed company with $94 billion in assets. Suncorp Bank is Australia’s leading regional bank servicing more than one million personal, SME and agribusiness customers.