Millennials And Gen Z Say Social Life Hurting Goals
Almost 60-percent of millennials and Gen Zers blame their social life for hurting their financial goals. A new survey from Ally Bank also found that 42-percent of them report overspending on their social budgets several months out of the year. Ally’s survey also revealed most American adults covet social time, with nearly 70 percent saying they meet with friends in-person at least once a week. On average, they spend 250-dollars a month on social activities. Fewer than one-in-five say they have a strict budget for activities with friends
- Young adults spend an average of $250 monthly on social activities.
- Nearly a quarter (24%) of Gen Z and millennials experience Fear of Missing Out (FOMO) when they have to decline social invitations due to financial limitations, which can lead to overspending.
- Only 18% of respondents have a strict social budget, and 42% overspend on social activities multiple times a year.
- Almost half (44%) have missed major social events due to cost, and one in four report that social spending hinders their ability to save.
- Women are particularly affected, with 30% reporting difficulty saving, compared to 22% of men.
Some Keys to Change things up
- Develop a budget for social activities based on income, expenses, and savings goals.
- Always check affordable social options like free or low-cost activities and hosting gatherings.
- Communicate openly with friends about financial goals and constraints to find budget-friendly social options.
- Explore budgeting tools to track spending and plan for future social expenses.
- Prioritize and selectively choose social events that align with financial priorities.
- Finally you choose reducing other expenses to allocate more funds for social activities.
Finding a balance between social life and financial goals is a key challenge for millennials and Gen Z. By unde
