Study: How finances influence relationships, Valentine's Day spending

Ahead of Valentine’s Day, financial services company Empower has shared new insights into the role that finances play in relationships.

According to a survey of over 1,000 Americans, spending habits (38%) and budgeting (33%) are the money topics most likely to lead to disagreements in relationships followed by financial priorities/goals (20%). Over a third of couples (37%) say money is a big relationship stress point, with Gen Z respondents feeling the most strain around financial issues (48%).

When it comes to Valentine’s Day this year, the majority of couples planning to celebrate will spend on dining out (49%), chocolates (38%), flowers (30%) and wine (20%). To save money this year, nearly a third of Americans (30%) will choose less expensive gifts, 19% of Gen Zers will celebrate on a different day to avoid peak pricing, and 20% of Millennials plan to cook at home to save money. Half (54%) of respondents plan to spend less than last year.

Couples expect to spend an average of $136, with men ($163) planning to outspend women ($107). On average, Millennials expect to spend the most at $145, and Boomers the least at $96.

Some reported skipping the holiday completely, with over a quarter of Americans in relationships (26%) say they don’t plan on spending money on Valentine’s Day.

Among married couples, 42% have joint banking accounts for all financial matters, while 27% have a mix of joint and separate accounts. Nearly a quarter (23%) have one partner managing all financial decisions and transactions. Over one-in-seven married individuals reported not knowing how much debt their spouse has.

Overall, two-thirds of Americans surveyed say love is more important than advancing in their careers, a sentiment shared among men (68%) and women (64%). A majority of Boomers (73%) place more importance on love, while Gen Zers are most likely to say achieving financial success is their top priority.

The full study can be found here.