Just in time for Valentine’s Day, mobile banking startup Varo Money, Inc. has released their “Love Is in the Air” study. The study of more than 1,000 U.S. adults age 18+, conducted by Propeller Insights on behalf of Varo Money in December of 2017, determined that romance is a much higher priority for millennials than other American adults this year.
Millennials are in the mood for love
2018 is looking to be a very romantic year for millennials:
- Well over half—63 percent of men and 60 percent of women—plan to settle down romantically this year
- Another 28 percent of millennial men and 14 percent of millennial women said “finding love” was on their list of New Year’s resolutions
- 28 percent of millennials have purchased, or plan to purchase, an engagement ring; 14 percent of millennial men plan to buy one this year
- Of those planning to buy an engagement ring, half will save up for more than three months; 11 percent will save for more than nine months
- 7 percent of millennial women are saving up for a wedding dress
- 16 percent of millennial men and 9 percent of millennial women hope to start a family
- 1 in 10 millennial men say internet dating is the “guilty pleasure” they spend the most money on
- Nearly half (47 percent) of millennial men say it’s likely they will propose marriage to their significant other this year, as will more than a third (36 percent) of millennial women
- Another 27 percent of millennials have already tied the knot
- Only 4 percent of millennials are hoping to break up with their significant others this year
Romance is significantly more of a priority for millennials than other U.S. adults: only 45 percent of Gen Xers and Baby Boomers are looking to settle down romantically this year; only 11 percent said “finding love” was on their list of resolutions; and only 19 percent are planning a proposal. Of course, a higher percentage of Gen Xers and Boomers are already married (49 percent), and less than 2 percent are looking to jump ship.
Diamonds: no longer a girl’s best friend
Wondering what, if anything, to get your significant other for Valentine’s Day? A romantic dinner ranks high (39 percent) on everyone’s list of gifts likely to lead to romance, as does a weekend getaway (38 percent), quality bonding time (32 percent), a fun night out on the town (27 percent), and a massage or spa package (20 percent).
Millennial women particularly love the idea of a weekend getaway (44 percent).
As for what gift is least likely to lead to romance:
- Power tools — 45 percent
- Video game console — 35 percent
- Tickets to a sporting event — 27 percent
Other more surprising turn-offs include a shopping spree on their significant other’s dime (15 percent) and expensive jewelry or accessories (10 percent).
Helping millennials save for their nest egg
Varo is using mobile technology to change the future of banking by offering customers a frictionless bank account on their phone that aims to help them get ahead financially. These personalized financial solutions integrate banking, saving and lending products with tools to help customers smooth cash flow and build savings—all from their phones.
“Many millennials are ready for that next big relationship, which means they’re also ready to start thinking about building their financial future with another person,” said Emily Brauer Gill, Director of Brand & Communications at Varo Money. “At Varo, we are extremely motivated by our mission to help our customers get ahead and, in this case, start saving for those futures. People’s financial health is closely connected to their overall health and well-being—we want our customers’ to be as good as possible.”
Varo’s digital model eliminates the unfriendly fees that traditional banks often charge, such as overdraft fees, minimum balance fees and foreign transaction fees. In addition, Varo does not charge ATM fees at a network of more than 55,000 Allpoint ATMs worldwide, which is almost 40,000 more ATMs than either Bank of America or Chase Bank.
About Varo Money
Varo Money, Inc. (“Varo”), is changing the future of banking with their mobile app: a frictionless bank account offered through The Bancorp Bank that also helps customers do more with their money. Varo is building a mobile banking experience that helps customers cover their expenses, pay their bills and build their wealth over time — so they can stop worrying about money and go live their lives. Unlike traditional banks or other fintech apps, Varo offers a complete solution with integrated deposit, budgeting, savings and lending products that aim to help customers bank with ease and achieve better financial outcomes. There’s no reason for a bank branch on every corner anymore: all that customers need is an iPhone to bank seamlessly. Based in San Francisco and privately held, Varo has raised $78M to date, led by Warburg Pincus. Varo Bank Accounts are provided by The Bancorp Bank, and deposits are FDIC-insured up to $250,000 through The Bancorp Bank. Varo Personal Loan and Varo Backup Line are offered by Varo Money, Inc. under state licenses, subject to application approval. For more information, please visit http://www.varomoney.com and follow Varo on Facebook @varomoney and Twitter @varomoney.