Australians ♥ love according to new NAB insights, released just in time for Valentine’s Day, that reveal the top phrases used when sending and receiving money are:
3 Valentine’s Day
7 Date night
Analysis of 140 million transactions over the past four years around February 14 finds ‘Valentine’ is the top term of endearment used in the transaction description field.
‘Wife’ is the second most popular love-related phrase, followed by ‘Valentines’ Day’.
NAB Executive Kylie Young was delighted that NAB customers were using digital banking to not only make their lives easier but also to extend feelings of love.
“Hugh Grant was right when he said in the opening scenes of Love Actually that love really is all around. Our analysis shows it even extends to when we’re sending and receiving money every day,” Ms Young said.
“PayID even allows people to add in a description just using emojis, so if you can’t say it with words, three heart emojis is always a good option!”
NAB also revealed that analysis of the more than 100,000 new joint accounts opened in 2022, 60% were opened by millennials ready to make their love official on a joint bank statement.
“Opening a joint account often occurs around the time a couple decides to buy a home or get married – in the world of banking a ‘joint account’ is the language of love,” Ms Young said.
“Joint accounts can be a good way for partners to view and manage cashflow, track spending and work towards joint savings goals.
“Joint account opening numbers have fluctuated over the past four years, but we definitely saw a spike in 2021. It’s clear that lockdown gave many couples the time to talk about their money together, establish new financial goals and take the plunge to set up a joint account.”
Ms Young said a Money Monday could be a great way for couples to get on the same page financially with things like opening a joint account.
“Pop it in your diary and when the day comes around cook a nice meal, put your phone away, and grab Lissy Abraham’s Money Mondays Conversation Guide to help you navigate the conversation,” she said.
“The Conversation Guide can prompt you to think how you’d manage a joint account, what it would and wouldn’t be for and if you need to get any advice before setting one up.”