Rising living expenses push singles to rethink dating, with many cancelling plans or choosing cheaper options
Canadians are adjusting their dating habits as the rising cost of living forces many to rethink how they spend their money.
A special Valentine’s Day report from the BMO Real Financial Progress Index finds that more than half of Canadians (56 percent) say higher expenses are affecting their dating life.
Some are cutting back on the number of dates, while others are choosing more budget-friendly activities.
The report explores how financial concerns shape dating and relationships, with 42 percent of single Canadians admitting they have adjusted date plans for financial reasons.
Nearly a third—30 percent—have even cancelled a date to save money.
Dating in Canada isn’t cheap. On average, a single date costs $173, covering transportation, grooming, attire, food, drinks, and entertainment.
Partnered Canadians report going on anywhere from 10 to 21 dates before committing to a relationship, meaning they could spend up to $3,621 before making things official.
The cost of dating is a growing concern, with 38 percent of singles saying expenses are getting in the way of their financial goals. Meanwhile, 41 percent have left a first date feeling it was a waste of time and money.
Despite the rise of dating apps and matchmaking services, most singles aren’t willing to spend on them—60 percent refuse to pay for these services, and those who do spend only $16 per year on average.
The decline in dating is also evident. Over the past year, singles in Canada have gone on an average of three dates.
However, more than half—55 percent—haven’t been on a single date in the last 12 months. When broken down by gender, single men report going on four dates in the past year, while single women have averaged three.
Finances play a major role in how singles evaluate potential partners. The most attractive traits include financial responsibility (95 percent), openness to discussing money (88 percent), having a financial plan (87 percent), and a strong career trajectory (83 percent).
Men and women share similar expectations for financial stability in a partner, but men feel more pressure to demonstrate financial security.
Nearly half—48 percent—of single men say their net worth affects their dating prospects, which is 12 percent more than women. They also feel 20 percent more pressure than women to plan expensive dates.
Single women, however, have different financial dealbreakers. They are 7 percent more likely than men to consider a low credit score an issue and 5 percent more likely to see a significant income gap as a red flag.
The economic strain influencing dating habits is part of a larger financial picture.
According to the BMO Real Financial Progress Index, 56 percent of Canadians are increasingly concerned about the cost of living, 51 percent worry about inflation, and 48 percent fear a possible recession.
Despite this, 72 percent feel in control of their finances, and 38 percent say they are more financially secure than a year ago.
BMO Senior Economist Sal Guatieri noted that while inflation rates have stabilized, consumer prices remain high. “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,” he 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,” Guatieri continued.
The report also highlights how finances impact relationships. One-third of partnered Canadians say spending often leads to conflict, and 38 percent believe their partner spends too much.
Differences in income create tensions for 27 percent, and 11 percent admit they haven’t always been truthful about their finances.
On average, couples discuss finances twice a month. Most partnered Canadians—82 percent—believe financial conversations should happen early in a relationship.
While 37 percent say these talks should begin once the relationship becomes official, 32 percent prefer waiting until they plan to move in together. Another 11 percent think financial discussions should start at engagement or marriage.
When it comes to merging finances, 76 percent of partnered Canadians have already combined or integrated their money. However, opinions differ on when to take that step.
Nearly half—46 percent—believe finances should be merged after engagement or marriage, while 32 percent prefer doing so when moving in together. Meanwhile, 24 percent of couples choose to keep their finances separate.
BMO’s Gayle Ramsay, head of Everyday Banking, Segment and Customer Growth, emphasized the importance of financial transparency, stating, “As couples begin building a life together, the lines between what is yours, mine and ours will inevitably blur.”
She noted that major transitions, such as moving in together, marriage, or retirement, require honest discussions about financial priorities, goals, and concerns. Ramsay added that open conversations about money can help couples navigate their life and partnership.
BMO offers financial advice to help Canadians—single or partnered—stay on track with their goals.
One key recommendation is protecting personal finances with an emergency fund that covers three to six months of living expenses. Regardless of relationship status, Canadians should be prepared for unexpected costs like job loss, health issues, or even a breakup.
Couples are encouraged to understand each other’s financial mindsets. Major life transitions, such as moving in together or getting married, require clarity on shared and separate assets, goals, and debts.
The report also warns against romance scams, as online dating and social media platforms are frequently targeted by fraudsters. These scams involve individuals faking romantic interest to gain trust and access to money or personal information.
For those looking for financial stability, BMO suggests working with a financial expert. Seeking advice before a crisis can help individuals and couples develop and adjust financial plans as their goals and relationships evolve.
BMO’s digital tools and resources provide Canadians with financial literacy support, allowing them to monitor their plans and progress in an ever-changing economic landscape.
