Stat: Gen Z and Millennials intentionally miss major social events due to cost

US – In a report entitled The Friendship Tab, research commissioned by Ally Bank found that young adults in the US frequently miss out on social events due to cost, highlighting the financial toll of maintaining friendships.

While the financial burden can be challenging to manage, the desire to stay connected remains fervent. According to the findings, 52% of young adults see their friends regularly, with the most common activities being dining at a restaurant (72%), spending time outdoors (56%) and attending birthday celebrations (50%).

With the rising costs of social events, the strain extends beyond finances, placing added pressure on friendships. One in five young adults reports that financial or lifestyle differences have led to the loss of a friendship. Many also feel unable to be transparent with their friends about money, often resulting in overspending. Gender differences emerged too: 30% of women said that managing a social budget made it difficult to build savings, compared with 22% of men.

Overspending proved to be the norm rather than the exception, with 42% of respondents admitting to exceeding their social budgets during several months throughout the year.

Our Third Space Retail report unpacked how brands can provide social sanctuaries to drive community, culture and brand awareness. Meanwhile, in The New Youth Club, we interviewed the founders of Moot, a membership-based third space redefining UK youth clubs for Zalphas.