Survey reveals 67.3% skip Valentine's to save for homes, as financial stress impacts love lives
Ahead of Valentine's Day, 360Lending, a Canadian mortgage brokerage, raises concerns over the dampening effects of financial stress on romantic relationships nationwide.
With interest and mortgage rates on the rise, the firm is investigating whether this financial strain is impacting Canadians' romantic celebrations, according to an article by Newswire.ca.
The survey revealed a striking inclination towards financial prudence over romantic gestures, with 67.3 percent of respondents expressing a preference to forgo Valentine's Day celebrations in favor of saving for a mortgage or downpayment.
The survey's key findings include:
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A significant majority, 67.3 percent, would opt out of Valentine's Day to save for real estate investments, with 52.1 percent affirming this choice and an additional 15.2 percent considering it.
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Romance takes a backseat for nearly half of the respondents (44.5 percent), who prioritize saving for a house or condominium over being in love.
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Over half of Canadians (52.1 percent) report cutting back on spending on their romantic partners due to housing costs.
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The strain of increased mortgage or rent payments has adversely affected the love lives of 49.2 percent of Canadians in the past year.
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A substantial 80 percent would prefer saving for a home or condominium to getting married.
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To manage mortgage expenses, Canadians are making significant lifestyle adjustments, including reduced travel (23.63 percent), limited social outings (17 percent), cancelling streaming services (10.8 percent), relying solely on public transit (8.92 percent), postponing parenthood (8.51 percent), and economizing on meals (6.90 percent).
Ringo So, mortgage agent and managing partner at 360Lending, highlights the profound impact of rising mortgage rates on Canadians' personal lives, noting, “We're seeing that higher mortgage rates are seriously costing Canadians love, relationships and generally joy.”
So emphasizes the availability of alternatives for homeowners struggling with their monthly payments, advocating for consultations with mortgage professionals to explore solutions.
360Lending conducted a survey with 1,000 participants from across Canada, delving into the interplay between financial pressures and romantic decisions.
