'Rip-off': Many Australians won't do anything to mark Valentine's Day this year

Valentine's Day roses are seen for sale in Los Angeles, U.S. February 14, 2017. Reuters/Lucy Nicholson

Most or 64 percent of Australians will not do anything to mark Valentine's Day this year and they have various reasons why, according to a new survey. Some of the respondents said they are single and feel that they got nothing to “celebrate,” while some simply do not believe in Valentine's Day.

A recent Finder.com.au survey of 1,718 people has found that a quarter of Australians or 25 percent think the occasion is a rip-off, while 18 percent simply do not believe in it. Twenty-one percent of those who participated said they are single.

While Valentine’s Day may be an excuse for some to treat their loved ones into something fancy, money-conscious pairs said they will instead save their cash. According to an independent research compiled on behalf of Suncorp, 49 percent of couples will avoid spending money on their lover in 2018. The research also found that more than half or 51 percent of men believe that the February 14 celebration is outdated.

But there are some who still wish to do something special for their partners. They are the ones who will spend an average of $127.

Rising Tide Financial Services managing director Chris Browne’s advice for those planning to celebrate Valentine’s Day on Wednesday is to avoid going over the top. “Love is earned not bought and spending up big early can create unrealistic expectations long term, I think a lot of blokes get caught out doing this,” News.com.au reports him as saying.

Suncorp’s executive general manager Lynne Sutherland said that paying for expenses for Valentine’s Day and other occasions should ideally be done using debit. “Some people are very disciplined with credit cards and use the 55 days interest-free credit and make sure it’s paid off so they are not paying off interest,’’ she said.

When it comes to financial matters, the research shows that around 58 percent of couples said they have a joint account. Forty-six percent have separate accounts.

Australians are also advised to be wary about scammers this Valentine’s Day as the vibe creates a chance for fraudsters. ANZ said that its scam detection unit is now investigating up to $3.7 million of "romance scams.”

This type of scam typically involves someone from overseas forging a "long distance relationship" with a vulnerable person. The targets of these romance scams were often older people, with some continuing to send money even after learning it was a con. For more of this news, watch the video below.