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Allow me to preface this piece by acknowledging that I’m single so Valentine’s Day is just another day for me. I’m not so jaded that I’m in the camp that views it as a contrived holiday only good for the food, beverage and greeting card industries.
Likewise, I don’t put Valentine’s Day up there with Christmas and Thanksgiving, but that’s just me. To each their own and I’d likely feel a bit differently if I had a significant other. Personal feelings aside, there is a very real, often large financial component to Valentine’s Day and it serves as a reminder that holiday spending restraint is often advisable, particularly for a holiday that’s “mid-tier.”
If nothing else, consider the timing of Valentine’s Day. It arrives not even two months into the year – a pivotal time for sticking by new year’s financial resolutions, such as adhering to a budget, cutting debt and bolstering investment accounts.
That doesn’t mean couples should ignore Valentine’s Day, but it could also imply that it might be wise to save that Rolex or tennis bracelet for spouses’ birthdays or one of the standard gift-giving holidays.
Valentine’s Day Financial Pressure
Both men and women feel financial pressure induced by Valentine’s Day. According to a new survey from OurRitual, 58% of men and 45% of women consider the holiday to be a source of stress.
“While 68% of women also cite emotional pressure as a significant factor, the data suggests that financial expectations are a major source of stress across relationships, fueling growing dissatisfaction with the commercialization of Valentine's Day,” notes OurRitual.
The company, which runs an online platform aimed at helping couples improve their relationships, surveyed people from a variety of age groups regarding their views on Valentine’s Day. Personally, I was pleasantly surprised by what one anonymous male in the 18-25 age group, or Gen Z, said.
“Valentine's Day is now just a show-off holiday, not about love. The expectation I would remove is the pressure to spend huge amounts of money just to prove love,” said the young man.
I guess the kids are going to be alright after all.
Gestures and Love Are Free…
…Or, at the very least, cost-effective. Expressing love and backing that up with thoughtful deeds is free and there are plenty of gesture that significant others can perform that fit the bill as both memorable and cheap or even free.
As for the spending component attached to Valentine’s Day, that’s probably not going anywhere, but there are encouraging signs indicating some partners don’t want to let this day burden their broader financial efforts. And for the men out there, pay attention to the following. It just might save you some cash.
“Despite the nearly $26 billion spent annually on Valentine's Day, many respondents feel pressured into celebrating in ways that don't align with what they truly want. 68% of women (36-55) value emotional connection over gift-giving, reflecting a broader shift away from materialism,” adds OurRitual.