BMO: 'Date‑flation' Squeezes Consumers, Alters Spending and Banking Demand

BMO warns “date‑flation” is reshaping consumer finances and demand for banking services

BMO’s Real Financial Progress Index is finding that rising dating costs are squeezing U.S. consumers and altering spending patterns in ways that matter to banks and fintechs. The survey shows the average all‑in cost of a date — including grooming and gas — rises to $189 in 2026, up 12.5% from $168 a year earlier, and Americans report spending a mean $2,323 on dates over the past 12 months. BMO frames the trend as “date‑flation,” saying it outpaces broader cost‑of‑living pressures and is already changing behaviour among singles and couples.

The bank flags younger cohorts as particularly affected, a development that has direct implications for consumer credit, savings and product demand. Half of Gen Z and 40% of Millennials say dating costs hinder their financial goals, with Millennials’ per‑date spending jumping to $252 (up 32%) and Gen Z to $205. At the same time the mean number of dates among daters falls to about 12 from roughly 14, and nearly half of singles say dating is not financially worth it — trends that could reduce discretionary spending and shift where and how consumers use banking services.

Paul Dilda, BMO’s Head of U.S. Consumer Strategy, warns rising social costs can “price singles out of love” and urges budgeting and open financial communication. For banks, the finding points to demand for more targeted budgeting tools, financial coaching and products that help customers reconcile social spending with savings, investment and debt‑repayment goals. The bifurcated behaviour also signals potential changes in unsecured consumer credit usage and card spend patterns that banks monitor for underwriting and marketing.

Other findings emphasise a K‑shaped dating economy

The survey shows a split: 14% of respondents say a typical date now costs nothing — citing picnics, hikes and at‑home meals — while another 14% report typical dates of $300 or more, up from 11% in 2025. For couples, 58% in serious relationships report financial dependence on their partner, up from 40% a year earlier, underscoring shifting household financial dynamics.

BMO suggests these patterns complicate budgeting for those trying to save, invest or pay down debt amid broader economic pressures. Banks and fintechs that offer tools for joint budgeting, expense‑sharing and tailored advice may find stronger engagement as consumers seek ways to protect both romance and longer‑term financial progress.