In this economy? BMO survey reveals half of single Canadians do not believe dating is financially worth it

The latest BMO Real Financial Progress Index reveals many Canadians are rethinking the price of dating amid concerns around the cost of living. Half of single Canadians do not believe dating is financially worth it (49%) and/or have gone on fewer or less expensive dates given concerns about inflation and the rising cost of living (50%).  

The BMO survey examines how concerns about affordability and personal finances are influencing whether Canadians see dating as a cost or an investment. It reveals:  

Dating, in this economy?

• Canadians spend on average $174 for each date, including the cost for transportation, preparation (such as grooming and attire), and expenses such as food, beverages and tickets.  
• 29% of singles feel pressured to plan expensive dates and more than a third (35%) say the cost of dating is affecting their ability to reach their financial goals.  
• Two thirds (66%) of Canadians believe it is important to save money during the dating stage of a relationship to afford a better life after marriage.

Single, but not ready to mingle:

• While singles on average have gone on four dates in the past 12 months, over half (55%) have been on no dates in the past year. 
• A third (33%) of singles admit to changing or adjusting plans for a date for financial reasons and one quarter (24%) cancelled a date to save money.

Takes two to tango:

• Early expectations around who pays for the date continue to evolve, as 58% of men expect to pay for dates, including the cost of dinner, drinks, tickets, etc., while 72% of women expect costs to be split evenly. Fewer than a quarter (23%) expect the other person to pay for the date.

Cutting costs, not standards:

• When evaluating a prospective partner’s finances, the most important attributes for singles include financial responsibility (95%), being able to talk about money openly (92%), having a good financial plan (85%), having a successful career trajectory (82%), having a high credit score (76%) and having a high-earning job (68%).
• Two in five single Canadians indicates that net worth affects their own dating prospects (41%) and how they evaluate a potential partner (39%). 

The financial "ick" list:

• Top financial dealbreakers for singles include when their partner is not being truthful about money (54%), refuses to talk about money (41%), is unwilling to spend on things they consider important (23%), has a low credit score (21%), has minimal retirement savings (15%) and is earning significantly less than them (14%).  

Canadians’ approaches to dating are evolving as many continue navigating concerns about current economic conditions. According to the BMO Real Financial Progress Index, Canadians’ concerns about the cost of living (57%), inflation (53%), the prospect of an economic recession (46%), the effects of tariffs (46%) and their overall financial situation (36%) have increased in the past three months.  

“There’s no mystery as to why young people in particular remain cautious about making discretionary purchases. The cost of living, as measured by the CPI, has increased 20% over the past five years; the youth (age 15-24 years) unemployment rate has risen nearly two percentage points in the past two years to almost 13%; and there has been almost no job growth for this age cohort in the past year.” 

- Sal Guatieri, Senior Economist, BMO 

“With affordability concerns top of mind for many Canadians, dating is increasingly being evaluated through a financial lens, with many weighing whether it is a cost or an investment. Much like investing, dating involves assessing expenses, risk tolerance and long‑term goals. Having a financial plan and working with a professional financial expert can help Canadians make more informed decisions, adjust plans as life and relationships evolve and stay on track towards real financial progress, whether they are on their own or with a partner.” 

- Sumit Sarkar, Head, Everyday Banking Products, Money Movement & Value Proposition, BMO 

He said, she said: The relationship gender gap 

The BMO survey also explores notable differences in how men and women experience the financial realities of dating and relationships:  

Teardrops on my credit card:

• Over one in three (34%) men admit to feeling pressured to plan expensive dates – nearly double the share of women (18%). 
• Over a third (35%) of men say the cost of dating has impacted their ability to reach key financial goals, compared with 28% of women.  
• Men are also more likely to feel their financial standing plays a role in their romantic prospects, with 40% saying their net worth affects their dating life compared to 32% of women, an eight-point difference.  
• Over a quarter (27%) of Canadians say different levels of income have created tensions in their relationship. 
• Nearly a third (32%) say spending is a source of conflict in their relationship. 

Mismatched expectations:

• When evaluating a potential partner, women are more likely to prioritize certain financial factors such as earning the same amount (15 points more), good credit scores (12 points more), having a high-earning job (11 points more), having a good financial plan (7 points more) and owning a home (6 points more).  

Financial dependence differences: 

• Over half (54%) of Canadians feel financially dependant on their partner or spouse, with women being 13 percentage points more likely to feel this way compared to men. 
• Men are 12 percentage points more likely to say their partner or spouse is the more frugal party in the relationship.  

To learn more about how BMO can help clients make financial progress, visit www.bmo.com/main/personal.