Rising costs are putting a damper on Canadian dating habits, with more than half of Canadians saying inflation is affecting their romantic lives, a new report from BMO’s Real Financial Progress Index reveals.
According to the survey, 56 per cent of Canadians say the increasing cost of living has led them to go on fewer dates or opt for less expensive dating activities. Among single Canadians, 42 per cent have adjusted their dating plans due to financial concerns, while nearly a third (30 per cent) have cancelled a date outright to save money.
“While the inflation rate has normalized in Canada, consumer prices are still, on average, 17 per cent higher than four years ago, and food costs are 22 per cent more expensive,” said Sal Guatieri, senior economist at BMO. “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.”
The survey found that Canadians spend an average of $173 per date, covering transportation, preparation such as grooming and attire, and costs such as food, beverages and entertainment. On average, partnered Canadians go on between 10 and 21 dates before committing to a relationship, meaning they could spend up to $3,621 before making it official.
For some, the financial burden of dating is affecting their long-term goals. Thirty-eight per cent of single Canadians say dating costs have hindered their ability to reach financial milestones, while 41 per cent admitted to feeling like a first date was a waste of both time and money.
Despite the rise in digital dating culture, the majority of singles (60 per cent) are unwilling to spend money on dating apps or matchmaking services. Those who do invest in these platforms spend, on average, just $16 annually.
The survey also highlights a decline in dating activity. While singles report going on an average of three dates in the past year, 55 per cent say they have not gone on a single date in the last 12 months.
The study also examined financial expectations in relationships, revealing that financial responsibility (95 per cent), openness about money (88 per cent), a solid financial plan (87 per cent) and a successful career trajectory (83 per cent) are the most attractive financial traits in a potential partner.
Men are more likely than women to feel pressure to demonstrate financial stability. Nearly half (48 per cent) of single men believe their net worth affects their dating prospects—12 per cent more than women—while single men are also 20 per cent more likely to feel pressured to plan expensive dates.
Conversely, single women are more likely to consider a low credit score (seven per cent more) or a significant income gap (five per cent more) as financial dealbreakers compared to men.
As financial concerns impact dating, they are also a frequent source of tension in established relationships. One-third (33 per cent) of partnered Canadians say spending is a common conflict, while 38 per cent believe their significant other spends too much money. Meanwhile, 27 per cent say differing income levels have caused friction in their relationship, and 11 per cent admit to having been dishonest with their partner about their finances.
Despite these challenges, the majority (82 per cent) of partnered Canadians believe financial discussions should happen early in a relationship, with 37 per cent saying these conversations should begin when the relationship becomes official.
“As couples begin building a life together, the lines between what is yours, mine and ours will inevitably blur,” said Gayle Ramsay, head of everyday banking, segment and customer growth at BMO. “Having open conversations about financial priorities, goals and concerns can help couples navigate their future together.”
According to the survey, most Canadians in relationships (76 per cent) have integrated their finances with their partner and feel comfortable discussing money. However, 24 per cent say they do not share finances with their significant other.
While economic uncertainty continues to weigh on Canadians, 72 per cent say they still feel in control of their finances, and 38 per cent report feeling more financially secure than they did a year ago.