With Valentine's Day on Thursday, men are more inclined than women to spend money on gifts, dining and entertainment for their partner, according to Bankrate.com. In fact, the average guy plans to spend $339 on their loved one, while women say they will only shell out 64 bucks.

Analyst Kelly Anne Smith said the National Retail Federation is expecting consumers to spend over $20 billion on the holiday. When you break it down by gender, it's really interesting.

"I think the main takeaway here is that you really don't need to go out and spend all this money especially if you and your partner aren't really on the same page," said Smith.

The study found that men have higher expectations for Valentine's Day. They expect their partner to spend about $211 on them compared to just $154 expected by women.

About 69 percent of Americans plan to spend money on their Valentine to mark the occasion, averaging about $200.

According to Bankrate's 2019 Be My Valentine index, a full-blown celebration including chocolates, diamonds, roses, fine-dining and champagne will set a person back an average of $617 — that's more than three times what the average American plans to spend.

Smith said couples really need to have a conversation about each other's expectations before they lay out a lot of money.

"Society kind of puts this expectation on men to show their gratitude and love with their wallet," added Smith.

Younger Millennials (ages 23-29) are most likely to spend money and expect their partners to spend on them for Valentine's Day. Their average spending will be $266. Smith said this makes sense because that generation is super tapped into social media. Data actually shows that social media actually influence consumer spending.

Millennials are under pressure to look a certain way on social media so they tend to check out what other people are doing and spending for Valentine's Day and then follow suit.

Smith says there are plenty of things you can do to give your loved one a special Valentine's Day without breaking the bank. A home-cooked meal, small memento or a romantic walk can go a long way. You also may want to consider waiting to celebrate the big day on Feb. 15, when you can get flowers and candy on discount.

The desire to impress someone with Valentine's Day spending starts to fade the longer a couple is in a relationship, the study found. About 85 percent of Americans who have been together for less than two years are most likely to spend money on their significant other. Just 61 percent of those who have been together at least 20 years plan to spend money on their partner.

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