Costs of maintaining friendships a growing concern for young adults, survey reveals as 44% forgo significant events due to expense
In a recent study commissioned by Ally Bank, titled "The Friendship Tab," it was revealed that a significant number of Millennials and Gen Z are experiencing financial strain in their social lives. The study, which delved into the financial habits and trends of these generations, found that social activities, particularly dining and drinking, are common among them.
The study suggests that 72% of Gen Z and Millennials engage in going to a restaurant or bar at least once a week, with 52% reporting having one to three friends they get together with regularly. However, this frequent socialising comes with a cost. Forty-four percent of respondents admitted to skipping major social events due to cost, and 42% overspend on activities with friends a few months out of the year, while 18% spend over their budget every other month.
The findings of the study also indicate a potential impact of social activities on the financial goals of Gen Z and Millennials. Fifty-nine percent say their financial goals are affected by doing things with friends, and nearly one in five people have felt they couldn't be honest with friends about their finances. Almost a quarter of respondents feel anxious about lifestyle and financial differences with their friends, and 22% of respondents experience anxiety when uncertain about affording activities with friends.
Financial influencer Haley Sacks has warned young Americans about the potential risks of 'Buy Now, Pay Later' options, which could exacerbate these financial issues. The study does not provide information on the increase in AI usage for friendship among teens or the national loneliness crisis, but it does highlight the need for Millennials and Gen Z to learn budgeting skills.
The study was commissioned by Clorox, and its findings suggest that friendships are becoming too expensive for many young people. Almost a quarter of Gen Z and Millennials are afraid of missing out on friendships and community due to financial limitations. It's clear that the financial aspects of socialising are a significant concern for these generations, and it's essential for them to develop strategies to manage their finances in these situations.
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