Date night drain: 2.9 million Aussies overspend on dating
Millions of Aussies admit they have spent more than they could afford wining-and-dining a potential love interest, according to new research by Finder.
A Finder survey of 1,070 respondents revealed 14% of Australians – equivalent to 2.9 million people – have gone into the red to impress a potential mate.
The research found a further 21% of respondents – 4.3 million people – have splashed out more than wanted to but could afford to.
Young Aussies are more likely to go overboard on dating, with almost 1 in 4 (23%) gen Z and 22% of millennials spending more than they can afford, compared to only 7% of gen X and 5% of baby boomers.
Rebecca Pike, money expert at Finder, said dating had become a financial burden for some Australians.
"Millions of people are finding that their simple quest to find love is derailing their financial well being.
"We've all heard anecdotal stories and mythical tales of people who are 'serial daters' with expectations of scoring free meals along the way, but these days, we can't afford to indulge this kind of behaviour.
"Aussies have less disposable income in general due to the cost of living crisis, and spoiling a potential love interest or overspending on a date is adding to the money stress."
Pike said Aussies should spend within their means, starting with simple dates that don't cost a bomb.
"Fake it until you make it is a risky dating strategy. You may get stuck with some spending habits and decisions that you're paying off long after the romance has fizzled out."
Pike suggested that singles budget for dating like they would any other expense.
"Especially if you're dating seriously and frequently, going for dinner, drinks and maybe an activity every week will really put a dent in your bank balance.
"Setting a dating budget will help you avoid overspending on potential love matches, and prompt you to get creative when it comes to planning different types of dates that won't break the bank.
"A walk by the water with a takeaway coffee or a picnic in the park can be great, low-cost ways to get to know one another without sabotaging your money goals.
"The idea is to spend time, not just money, with one another."
The research found men (35%) and women (36%) are just as likely to go over budget in the dating game.
| Have you ever paid more than you could afford to pay on a date to impress the other person? | |
|---|---|
| Yes, I paid more than I could afford | 14% |
| No, I could afford the amount but it was more than I wanted to pay | 21% |
| No | 65% |
| Source: Finder survey of 1,070 respondents, February 2024 |
Methodology
- Finder's Consumer Sentiment Tracker is a monthly recurring nationally representative survey of more than 60,000 respondents.
- Figures in this release are based on 1,070 respondents from February 2024.
- The Consumer Sentiment Tracker is owned by Finder and operated by Qualtrics, an SAP company.
- The survey has been running monthly since May 2019.
Here's 50 easy and practical money-savings tips that will help you budget and save money quickly.