According to new research from Empower, 67% of Americans prioritize love over money, though 37% of those in a relationship say finances are the biggest stressor.

Key takeaways

• Spending habits (38%) and budgeting (33%) are the money topics most likely to lead to disagreements in relationships followed by financial priorities/goals (20%).
• 1 in 7 married respondents don’t know how much debt their spouse has.
• 26% of Americans in relationships don’t plan on spending money this Valentine’s Day.
• Valentine’s Day gift givers expect to spend an average of $136.
• 1 in 4 Americans feel pressured to spend more than they want to for the holiday.
• On average, Americans say it’d take $128M to buy their love – and would forgo romance for life, in exchange.

Love vs. money

Two-thirds of Americans say love is more important than advancing in their careers: This sentiment is shared equally among men (68%) and women (64%). A majority of baby boomers (73%) place more importance on love, while Gen Zers are most likely to say achieving financial success is their top priority.

Financial stressors in relationships

Over a third of couples (37%) say money is a big relationship stress point, with Gen Zers feeling the most strain around financial issues (48%).

The most common areas of disagreement in relationships include spending habits and patterns (38%), followed by budgeting (33%) and disputes over financial priorities or goals (20%).

How couples manage money

• Among married couples, 42% have joint banking accounts for all financial matters.
• 27% have a mix of joint and separate accounts.
• Nearly a quarter (23%) have one partner managing all financial decisions and transactions.
• Over 1 in 7 married individuals don’t know how much debt their spouse has.

Valentine's Day spending

While some Americans in a relationship are opting out of Valentine’s Day this year, the majority are planning to splurge on dining out (49%), chocolates (38%), flowers (30%), and wine (20%).

Over a quarter of Americans in relationships (26%) say they don’t plan on spending money on Valentine’s Day, and half plan to spend less than last year (54%). To help manage expenses, nearly a third of Americans (30%) will choose less expensive gifts, close to 1 in 5 Gen Zers (19%) will celebrate on a different day to avoid peak pricing, and 20% of Millennials plan to cook at home to save money.

Couples expect to spend an average of $136, with men planning to shell out slightly more ($163) than women ($107). On average, Millennials expect to spend the most at $145 and Boomers the least at $96.

Methodology

Empower commissioned a survey of 1,008 Americans from January 9-11, 2024. Of those polled, 47% were married, 22% were in a relationship, 20% were single or widowed, 5% were dating with no commitments, 5% were divorced, and 2% were engaged. These percentages total more than 100% due to rounding. The generational breakdown was as follows: 11% were baby boomers, 24% were Gen Xers, 56% were millennials, and 9% were Gen Zers.

About Empower

Empower is a financial services company on a mission to empower financial freedom for all. We offer investment, wealth management, and retirement solutions. Connect with us on Empower.com.

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