Aussies have their hearts set on a frugal Valentine’s Day this year

Love is in the air as we approach Valentine’s Day, but recent studies have shown that Aussies prefer a frugal approach to the romantic holiday, over lavish gestures of affection.

• RELATED: Free and cheap date ideas for Valentine's Day

According to online dating site RSVP, the traditional dinner at a fancy restaurant is no longer a safe bet for a Valentine’s Day date. RSVP spokesperson Lara Delahunty said, “You’re often jammed up against another couple right next to you, you’re eating a set menu – often at a high price - and again, it’s a bit of a pressure cooker environment.” Instead, a picnic in a romantic location has been touted as a better idea for paramours.

Expensive gifts like chocolates and jewellery were also out, with Aussies again preferring more frugal gift ideas. Flowers were one gift still high on the preferred list, but just as many people said they’d prefer not to receive a gift at all. Delahunty said that “having some fun together seems to be the wisest Valentine’s Day gift choice.”

New romantic interests are off the hook entirely - 2 out of 3 Aussies said that planning a Valentine’s Day date for anything earlier than the third date was not a good idea. “Valentine’s Day date is great for a third date and beyond, but for a first or second date, Valentine’s Day is just too loaded – it adds too much pressure,” Delahunty said.

• ALSO READ: 5 romantic road trips for your Valentine's Day getaway

Equity Trustees had similar ideas about Valentine’s Day, stressing the importance of thinking long term about your commitment to your romantic partner.

Although updating your will may not seem like the most romantic gesture, National Manager for Estate Planning, Anna Hacker, said that “it can be the best and most useful way to highlight the importance of a relationship and ensure a loved one is treated with respect and consideration.”

She highlighted the importance of an estate plan that clearly outlines your wishes, in particular for couples in de facto or same-sex relationships. Hacker acknowledged the challenges that face these groups with different laws internationally and throughout Australian states and territories.

“The sad fact is that, in some states, a person may not be considered next of kin, and not included on the death certificate or allowed to make medical decisions on behalf of their partner, because their relationship is de facto or same sex.”

If you’re looking for a meaningful Valentine’s Day gift this year, it might be time to look outside the box, and take a more frugal approach to the holiday. Not only could it keep your bank balance looking happy, but it might just be the romantic gesture your partner has been wishing for.

Need somewhere to stash all those Valentine’s Day savings? Check out our savings account comparison to find a great deal.