A recent study conducted by Empower reveals that despite 67% of Americans prioritizing love over money, financial concerns persist, with 37% of those in relationships citing finances as their primary stressor.
The research shed light on various facets of Americans' spending habits and financial dynamics within relationships. Disagreements revolving around spending habits (38%), budgeting (33%), and financial priorities/goals (20%) are common stress points among couples, with one in seven married individuals admitting to being unaware of their spouse's debt.
For many, Valentine's Day serves as a litmus test for financial commitments. While 26% of Americans in relationships planned to forgo spending altogether, those who did plan to spend anticipated an average cost of $136 on gifts. Pressure to overspend was palpable, with one in four Americans feeling compelled to exceed their desired budget for the holiday.
The study unveiled a generational divide in priorities. While a majority of baby boomers (73%) prioritize love over career advancement, Gen Zers are more inclined to prioritize financial success. Furthermore, financial strains within relationships are felt most acutely among Gen Zers, with 48% reporting money as a significant stressor.
To mitigate expenses, strategies such as opting for less expensive gifts (30%), celebrating on alternative days to avoid peak pricing (19%), and cooking at home (20%) were to be adopted by many respondents.
Men anticipated spending slightly more ($163) than women ($107), with millennials projecting the highest average expenditure at $145 and boomers the lowest at $96.
The study, commissioned by Empower and conducted from Jan. 9-11, surveyed 1,008 Americans. The sample comprised individuals across various relationship statuses, with 47% married, 22% in relationships, and 20% single or widowed. The generational breakdown included 11% baby boomers, 24% Gen Xers, 56% millennials, and 9% Gen Zers.
Jim Thomas ✉
Jim Thomas is a writer based in Indiana. He holds a bachelor's degree in Political Science, a law degree from U.I.C. Law School, and has practiced law for more than 20 years.
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