Get All Access for $5/mo

Not All Love is Priceless — 22% Of Millennials Report Going Into Debt From Dating A new survey found that dating has been particularly hard on millennials' wallets, with 77% of daters saying it'd be easier if they had more money.

By Madeline Garfinkle Edited by Jessica Thomas

Opinions expressed by Entrepreneur contributors are their own.

Rising inflation has made nearly every aspect of daily life more expensive — and budding romance is no exception.

A new survey from LendingTree found that one in five respondents reported going on fewer dates because of inflation, and 77% said dating would be easier if they had more money.

"Dating has always been expensive," LendingTree chief credit analyst Matt Schulz says in the report. "Throw rampant inflation into the mix and it can make an already challenging situation even tougher."

Related: 'None of Our Paychecks Are Keeping Up:' 71% of Workers Say Inflation and the Cost of Living Are Outpacing Their Pay

Overall, the report found that the average dater spends about $91 on a first date, which can quickly add up if they're active on the dating scene. And if they're using credit cards or mobile payments to foot the bill, the damage might not be apparent for months.

Of the respondents, millennials were most likely to go into debt because of dating at 22%. According to Schulz, millennials are particularly vulnerable to dating debt because they're already at a point in life where costs accrue quickly from multiple angles.

"They may already have kids," Schulz says. "They may be drowning in student loan debt and probably have a higher rent payment than they did when they were younger. Given what they're going through, they might not have much savings — or what they have might be earmarked for a down payment on a house."

Although dating might cause financial strain, the cost of love is still worth it to some. Of the respondents actively dating, 32% said they would still go on a date even if they couldn't afford it, with men (36%) more likely to do so than women (30%).

Related: I Used a Dating App to Meet Millionaires. I Got to Travel the World, Get Fancy Gifts, and Learn A Lot from My Relationships.

Madeline Garfinkle

News Writer

Madeline Garfinkle is a News Writer at Entrepreneur.com. She is a graduate from Syracuse University, and received an MFA from Columbia University. 

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Operations & Logistics

The Holidays Mean Vacation Time — But Disaster Can Still Strike. Is Your Crisis Plan Ready?

Holidays mean different working hours for companies and different schedules for employees that take off. Before you and your team enjoy some much deserved time off, it is important to put a crisis management plan in place so your business is ready to tackle any issue that crops up.

Business News

Here's What the CPI Report Means for Your Wallet, According to JPMorgan and EY Experts

Most experts agree that there will be another rate cut next week.

Business Solutions

Right Now, You Can Get More Than 310 Hours of IT Training for Just $50

Stay ahead in tech with the CompTIA Super Bundle.

Starting a Business

How to Start a Freight Brokerage Business

Get your entrepreneurial destiny really moving by becoming a broker--matching shippers and transportation servicess--for the freight industry.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.