According to a new survey from ME Bank, 55 per cent of Australians who are forfeiting the day for love declarations are doing so because it’s a waste of money.
A further 40 per cent believe Valentine’s Day is “purely a way for florists and card companies to cash in”.
Just 49 per cent of couples surveyed indicated that they would be celebrating the occasion, down from 56 per cent last year.
According to ME’s money expert, Matthew Read, “Australians’ spending habits have tightened up, so it’s no surprise that fewer couples are planning to spend money on Valentine’s Day this year.”
For those that are still marking the occasion, a large majority (84 per cent) consider that it’s “the thought that counts, not the amount spent”.
Despite this, ME Bank said these same people will spend an average of $150 on their partner.
Married couples and Millennials are the most likely to spend big, according to the survey – splurging more than $200 on their loved one.
Despite the figures, Mr Read highlighted that Australians “shouldn’t feel pressured to spend money on Valentine’s Day”.
“However, it’s a good idea to chat with your partner beforehand so you’re both on the same page when it comes to gifting and one of you isn’t caught empty-handed on the day,” he advised.
