Recycled Gifts, Homemade Cards and Date Nights on Credit: Valentine’s Under Threat From Cost of Living

The cost of love: couples scale back Valentine’s plans to save £

• Valentine’s date night expenses are set to add another £400m to the nation’s credit bill

• Romance is off the cards for 27% of couples who have made no-gift pacts to keep costs down

• Married couples are most likely to cancel plans, with 19% not planning to spend any money on Valentine’s Day amid the cost of living crisis

More than a quarter (27%) of Brits have made no-gift pacts this Valentine’s Day, as the cost of living crisis makes romantic gestures unaffordable.

According to smart money platform, Credit Karma, married couples are most likely to be tightening the purse strings, with one in five (19%) spouses not planning on spending anything on their other half for Valentine’s Day this year, compared to just one in eight (12%) who are in a relationship, but living separately.

It’s thought that festivities will add another £441m to the nation’s credit balance as more than a quarter (26%) of those celebrating plan to fund flowers, cards and meals out on credit, as they attempt to impress their partners, despite increasing financial pressure.

Other solutions considered by loved-up Britons include making cards and preparing gifts by hand (7%), recycling old presents or possessions of their own (4%), or cancelling date nights altogether to keep costs down (14%).

Noah Maury, 23 from London, and his partner are getting creative this year to avoid overspending on Valentine’s Day: “2022 was my first Valentine’s Day with my boyfriend, and I was determined to pull out all the stops, booking an expensive dinner and treating him to a card and presents. This year will be very different – we still want to celebrate, but we’re conscious of overspending. We’re going to be cooking for each other at home and having a night in. For all of our date nights we’re trying to find ways to spend time together that don’t add to our own financial stresses.”

The cost of living crisis is taking its toll on the nation’s love lives, as 14% have put their dating life on hold because of the rising cost of going on dates and another 17% admit that the financial pressure of the ongoing cost of living crisis has put a strain on their relationship.

And with one in six (16%) feeling pressure to spend more than they can afford on Valentine’s Day this year, Akansha Nath, Head of Partnerships at Credit Karma, shares her top tips on keeping costs down for those worried about the cost of Valentine’s Day this year:

1. Look for free activities – keep an eye out for free exhibitions, talks and concerts in your area that will give you and your partner the opportunity to celebrate Valentine’s Day without breaking the bank. You could go for a romantic walk, play board games, or challenge yourselves to cook a new meal together to celebrate without adding financial stress

2. Split the bill – rather than having one person pay for the cost of date night alone, suggest splitting the bill. Ahead of February the 14th have a conversation with your partner about how they’d like to celebrate the occasion and what they’re willing to spend, this can relieve the financial pressure associated with making plans, and keep celebrations affordable

3. Get up close and personal (with your finances) – before booking an expensive restaurant, or ordering an expensive gift, take stock of your finances and get a sense of what you can reasonably afford right now. While credit can be a useful tool for spreading costs, make sure if you’re taking on debt you’ll be able to comfortably afford repayments. It’s also worth considering the most affordable lines of credit open to you, such as 0% introductory rate credit cards, to reduce excessive interest charges