A new study says that most Millennials and Gen Z feel that friendships are getting too expensive.
The study, called “The Friendship Tab” and commissioned by Ally Bank, found that 44% of Gen Z and Millennials say they have skipped major social events because of cost.
The study found that almost a quarter of Gen Z and Millennials say they are afraid of missing out on friendships and community due to financial limitations, and 42% said they overspent on activities with friends a few months out of the year, while 18% said they spent over their budget every other month.
I’M GEN Z AND MANY IN MY GENERATION LOST FAITH IN THE AMERICAN DREAM. PROVE THEM WRONG
Almost a quarter of respondents said they feel anxious about lifestyle and financial differences with their friends and 22% said they have anxiety when they’re uncertain about being able to afford activities with friends.
Nearly one in five people said there have been instances when they felt they couldn’t be honest with friends about their finances.
Despite the financial woes, the younger swath of the population still wants to be connected, and spends a large amount of money on food and alcohol.
Thirty-two percent of Gen Z and Millennials said they go to a bar or restaurant with friends at least weekly.
Fifty-two percent of these groups of young people reported having one to three friends they get together with often.
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The most common activities included going to a restaurant or bar 72% of the time, spending time outside came in at 56%, and attending birthday celebrations amounted to 50%.
The study also found that there is work to be done with Millennials and Gen Z learning to budget, as 18% of people who responded said they have a firm budget for activities with friends, and 59% say their financial goals are affected by doing things with friends.
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