As we head into Valentine’s Day weekend, let your single and dating clients know that the cost of impressing and marrying that special someone is rising, according to an annual RateSupermarket.ca survey.
Read: What’s the cost of dating in the world’s most romantic cities?
The survey, which calculates the cost of love, looks at the expenses associated with one year of dating, a one-year engagement and the average Canadian wedding. It finds the overall price of romance can exceed $60,000, and that there has been a year-over-year increase of 22.8%.
The survey says one-year dating periods typically include:
- nearly 50 dates that cost between $50 and $300 (the dates include fancy dinner and theatre dates, along with simple movie and coffee dates);
- weekend getaways that can cost about $600 each; and
- other expenses such as flowers and gifts for occasions like Valentine’s.
One-year engagement periods typically also include dates, but the big-ticket items are engagement rings and celebratory parties.
Then, the average cost of a wedding in Canada in 2015 exceeded $30,000, according to a weddingbells.ca reader survey, which also says 75% of brides-to-be conceded they were likely to spend more than anticipated.
Read: Wedding season could hurt clients’ wallets
Save or splurge?
If your unmarried clients are looking to save, they can start by skipping out on fancy dates and trips while dating, reports Moneysense. Rather than spend money on high-priced dinners and entertainment, couples can choose to invest their money in registered savings accounts.
Read: 8 tax articles to share with clients
The goal, Moneysense notes, could be for your clients to save money for romantic getaways in the long-term, or they could start saving for homes and future children’s educations. Check out how much clients could save.
For more on how to help clients, read:
Case study: Successful couple tries goals-based investing
How one advisor helps same-sex couples
Valuing a business if a marriage breaks down