Valentine's Day is next week, and men are getting ready to open their wallets—poised to spend five times what women will on them.

The average man plans to spend $339 on their spouse or partner, while women say they will spend only $64, according to a survey by Bankrate.com.

Those averages are a lot less than the all-out celebrations that include jewelry, champagne and fine dining. Lovers splurging on those experiences will be set back an average of $618, Bankrate says.

In fact, Valentine's Day has become one of the priciest U.S. occasions, says Bankrate, which notes the National Retail Federation reports consumers will spend $20.7 billion this year to celebrate.

Overall, 69 percent of Americans plan to mark the occasion with some sort of spending, says Bankrate. Younger millennials, ages 23-29, are the most likely generation to spend money, with 86 percent saying they'll make a Valentine's-related purchase. About 69 percent of them expect their partner to spend in return.  

The desire to impress a loved one with Valentine’s Day spending starts to fade the longer a couple is in a relationship. Americans who have been together for less than two years are most likely to spend money on their significant other (85 percent) and to expect their partner to spend money on them (72 percent). Just 61 percent of those who have been in their relationship at least 20 years plan to spend money on their partner and 57 percent expect something in return.

One aspect of the survey may come as a surprise: In spite of higher wages in the Northeast, that's the region where couples are least likely to spend money on Valentine’s Day, says Bankrate. Just 60 percent plan to spend on their spouse or partner, and 50 percent expect spending in return. Southerners, on the other hand, are much more likely to spend money (74 percent) and expect their romantic partner to do the same (68 percent).

This study was conducted for Bankrate from January 8-13 among a sample of 1,019 respondents.