The research showed a third of respondents plan to spend more than $50, while 20% say they’ll spend over $100. Those aged over 65 are the least likely to splash out on their partner, with only one in three people in this age group looking to purchase a gift. 

RACQ Head of Banking Product and Operations Will White said the data found 16 to 24-year-olds were most likely to splurge on their Valentine. 

“More than 70% of this age group say they’ll be buying a gift for their loved one this year, with experiences ranked as the top gift,” Mr White said. 

“However, as cost of living pressures take hold, a quarter of youngsters admit they’ll be spending less than last year.” 

While nearly three quarters of those in relationships say they openly talk about their finances together, concerningly one in 10 don’t discuss money or admit to not knowing much about their partner’s finances. 

Mr White said while it might not be the most romantic conversation, couples should take the opportunity to talk about money this Valentine’s Day. 

“Money can often be considered a taboo subject, but it’s never too late to have an open and honest conversation with your partner about your spending and saving habits, and your financial goals,” he said. 

“With increasing cost of living pressures, it’s more important than ever for couples to tackle these challenges together. 

“Using an online budget planner, like the one on RACQ’s website, can be a good place to start when assessing your finances.

“Look at your income, add up all your expenses and assess what you might be able to cut back on.” 

Acknowledging the challenging environment, Mr White encouraged RACQ members who were concerned about their financial situation to get in touch early. 

“Please give our teams a call. They can look at your situation and find the best solution for you, whether that is fast-tracking financial hardship requests or providing flexibility with payment options.”

For relationship resources visit Relationship Australia.

Get easy access to discounts