Too expensive to date: how cost of living pressures are derailing the quest for love
The ‘fake till you make it’ approach to impress a date is a risky strategy for many, experts warn
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More than one in three Australians admit they have spent more than they intended on a date to impress their partners or a new love interest. A Finder survey of 1,070 people found 14 percent have spent more than they could afford on dates, while a further 21 percent say they have also gone over budget but could afford to do so.
Finder’s money expert, Rebecca Pike, said: “Millions of people are finding that their simple quest to find love is derailing their financial wellbeing. Aussies have less disposable income in general due to the cost of living crisis, and spoiling a potential love interest or overspending on a date is adding to the money stress.”
The research found younger singles were more likely to go over budget on dates, with 23 percent of Gen Z respondents and 22 percent of Millennials spending more than they could afford versus just seven percent of Gen Xers and five percent of baby boomers.
Ms Pike said Aussies should start with simple, affordable dates with someone new.
“’Fake it until you make it’ is a risky dating strategy. You may get stuck with some spending habits and decisions that you’re paying off long after the romance has fizzled out.”
While many Australians are prepared to go over budget to woo a beau or belle, another survey shows some people are becoming less inclined to shout a round or pick up the bill when dining out and socialising with family and friends.
A survey of 2,000 Australians by NAB Economics found 54 percent prefer to split the bill these days, with this figure rising to 72 percent among 18 to 29 year-olds.
“Young Australians are embracing ‘loud budgeting’ and getting more comfortable with talking about their financials,” said NAB personal everyday banking executive, Kylie Young. “It isn’t surprising that extends to splitting the bill, as they confidently step away from the social pressure of ‘shouting a round’.”
The majority of older Australians are still paying for each other, with only 32 percent of over-65s saying today’s high cost of living made them more inclined to split the bill. Interestingly, splitting bills is least common among low-income earners (39 percent) and more common among high–income earners (63 percent). When separating the bill, almost four in 10 prefer one person to pay and the others to transfer their share. About three in 10 prefer to pay their share with a debit or credit card.
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Starbucks is making another major leadership change just one week after new CEO Brian Niccol started his job.
Michael Conway, the 58-year-old coffee chain’s head of North America, will be retiring at the end of November, according to a Monday filing with the Securities and Exchange Commission.
The decision came only six months after Conway took on the job. His position won’t be filled. Instead, the company plans to seek candidates for a new role in charge of Starbucks’ global branding.
The chief brand officer role will have responsibilities across product, marketing, digital, customer insights, creative and store concepts.
“Recognizing the unmatched capabilities of the Starbucks team and seeing the energy and enthusiasm for Brian’s early vision, I could not think of a better time to begin my transition towards retirement,” wrote Conway in a statement.
Conway has been at Starbucks for more than a decade, and was promoted to his current job—a newly created role—back in March, as part of the company’s structural leadership change under former CEO Laxman Narasimhan.
The coffee giant has been struggling with weaker sales in recent quarters, as it faces not only macroeconomic headwinds, but also operational, branding, and product development challenges.
Narasimhan was taking many moves to turn around the business, but faced increasing pressure from the board, shareholders, and activist investors.
One month ago, Starbucks ousted Narasimhan and appointed Brian Niccol, the former CEO at Chipotle, as its top executive. The stock has since jumped 20% in a show of faith for Niccol, who started at Starbucks last week.
When he was at Chipotle, Niccol made a few executive hires that were key to the company’s turnaround.
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Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
