Covid takes a toll on couples ahead of Valentine’s Day
Everyone knows it was difficult to be single during the pandemic. Being in a relationship isn’t a picnic either.
With Valentine’s Day approaching, many couples struggling in the face of the current economic downturn will no longer celebrate the way they usually do.
As a result of the coronavirus outbreak, according to the latest Love & Money report by TD Bank, every tenth couple were on leave, lost their jobs or had their working hours reduced.
As a result, two-thirds said it was difficult for them to reach the most important milestones in life, e.g. B. getting married, buying a house, and having a family.
Despite the record-low mortgage rates, almost every fourth couple whose jobs were affected by Covid-19 had to delay buying a home, the TD Bank noted – even if more couples had decided to live together or at least to quarantine in the last year. In December, TD Bank surveyed more than 1,700 adults who are married, committed or divorced.
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Serious lack of money as well as restrictions related to Covid have even damaged the date nights and other small romantic gestures.
Overall, spending on Valentine’s Day gifts is likely to fall from a record $ 196.31 in 2020 to an average of $ 164.76 per person this year, according to the National Retail Federation.
Spending for major other businesses saw the biggest decrease, although consumers also plan to cut down on sweet treats for teachers, classmates, friends and co-workers, the association found.
Of course, according to a separate study by RetailMeNot, the amount couples want to spend increases depending on how long they have been “Facebook officers”.
While adults who have been together for two years or more are spending $ 156 on Valentine’s Day this year, engaged couples will fork out $ 243, newlyweds spend $ 317, and those who have been married for a decade or more plan to spend an average of $ 467.
According to another poll by LendingTree, nearly 4 in 10 Americans plan to skip February 14 altogether to save money.
On the positive side, more and more people are withdrawing discretionary spending, eliminating the often controversial point in a relationship, said Mike Kinane, director of deposits, products and payments at TD Bank.
It’s a classic relationship problem, but if one of you is a saver by nature and the other a donor, a conflict is likely to develop.
“This silver lining provides a unique opportunity to educate couples on managing their money in the short term and how to have an open dialogue about finance and better empower them to reconsider their longer-term financial goals as life returns to normal “so Kinane said.
When it comes to spending, most people blame some degree for a lack of transparency – another major source of relationship stress.
Kinane added that he was forced to face these extreme financial circumstances directly in order to have open and honest conversations about money, which is a good sign for long-term relationships.
“Talking about finances seems to position couples well for future success,” said Kinane.
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