For young adults, having friends and a social life often comes with a high price tag, according to a new survey by Ally Bank. The poll of Gen Z and millennials found that 44% of respondents have skipped major social events because of the cost, with one in four saying their social spending makes building savings difficult. On average, respondents spent $250 every month on activities with friends.
Fifty-two percent of Gen Z/millennial respondents said they have one to three friends they see regularly, with some of the most popular activities including going to a restaurant or bar (72%), spending time outdoors (56%) or going to a birthday celebration (50%). Nearly a third (32%) said they go to a restaurant or bar with friends weekly or more often.
The survey also found that only 18% of respondents had a strict budget for activities with friends, and 59% said their financial goals are affected by spending on activities with friends. At the same time, one in five (20%) said financial or lifestyle differences contributed to the falling out of a friendship. Women were more likely than men to say social spending makes it difficult to save for emergencies and pay off their credit card bills each month.
