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Everyone knows it was difficult to be single during the pandemic. Being as a couple is not a picnic either.
As Valentine’s Day approaches, many couples facing the current economic downturn do not celebrate as they usually do.
Due to the coronavirus outbreak, 1 in 10 couples have been put on leave, lost their jobs, or have had their hours cut, according to the recent TD Bank Love & Money report.
As a result, two-thirds said they struggled to reach major life milestones, such as getting married, buying a house, and starting a family.
Despite historically low mortgage rates, nearly one in four couples whose jobs have been affected by Covid-19 have had to delay buying a home, TD Bank has found – even as more couples have chosen to cohabit, or at least quarantine together, over the past year. In December, TD Bank surveyed more than 1,700 married, engaged or divorced adults.
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Serious cash flow shortages, along with Covid-related restrictions, have even taken their toll on dating and other small romantic gestures.
Overall, spending on Valentine’s Day gifts this year is expected to drop from a record high of $ 196.31 in 2020 to an average of $ 164.76 per person, according to the National Retail Federation.
Spending on other important people saw the biggest drop, though consumers also plan to cut treats for teachers, classmates, friends and colleagues, the federation found.
Of course, the amount couples plan to spend increases the longer they are “Facebook officials,” according to a separate study from RetailMeNot.
While adults who have been dating for two years or more will spend $ 156 on Valentine’s Day this year, engaged couples will shell out. $ 243, newlyweds will spend $ 317, and those who have been married a decade or more plan to spend $ 467 on average.
Nearly 4 in 10 Americans said they plan to jump on February 14 in order to save money, according to another survey from LendingTree.
On the bright side, as more people cut back on their discretionary spending, they’re also eliminating what is often a major point of contention in a relationship, said Mike Kinane, head of consumer deposits, products and payments at the TD Bank.
It’s a classic relationship dilemma, but if one of you is inherently a saver and the other a spender, conflict is likely to develop.
“This ray of hope creates a unique opportunity to educate couples on managing their money in the short term and how they can maintain an open dialogue about finances, better positioned to revisit their longer financial goals. run when life returns to normal, ”said Kinane mentioned.
When it comes to spending, most people are guilty of a lack of transparency to some extent – another major source of relationship stress.
Being forced to deal with these extreme financial circumstances opens the door to direct and honest conversations about money, which bodes well for long-term relationships, Kinane added.
“Talking about finances seems to position couples well for future success,” Kinane said.
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