Valentine’s Day is typically a day in which couples declare their love for one another with gifts, cards and meals out.
But how much is the average couple actually spending this February 14?
Research from ME Bank has found that the majority of couples will spend just $50 or less on their significant other.
The research found that while Aussie females will only spend up to $50 on their partner, males are willing to splash the cash a little more – somewhere between $51 and $100.
Surprisingly, only 56 per cent of people in relationships plan to celebrate this year.
But there are two groups set to be basking in the romance – those who are married and young couples between age 18 and 24.
These are seen to be the keenest to impress, and are most likely to spend above average on gifts.
‘It’s no surprise that new couples are the keenest to impress with lavish gifts, but the results suggest this willingness to spend big decreases the longer the relationship,’ ME’s Money Expert Michael Read said.
‘The longer couples are together, the less they feel the need to splash out on each other – perhaps due to a shift in financial priorities and the establishment of shared saving goals for their future.’
He added that for the majority of Australians believe that the sentiment ‘money can’t buy you love’ is alive and well.
He said: ‘If you and your partner are hesitant to splash out for Valentine’s Day, why not discuss setting a spending limit, or decide whether you’re giving gifts in advance so that one person’s not caught red-faced on the day.
‘Talking openly about your finances is healthy for any relationship, and by doing so you might just find that the money you planned to spend on Valentine’s Day could be what you need to reach a shared savings goal.'(By CLAUDIA POPOSKI)