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According to a new survey, young people are spending very little on dating – if anything at all.
If you thought the pandemic was the only thing forcing us to stay at home, think again. These days there’s plenty to keep Gen Z off the dating scene – but the main culprit for their waning engagement with romance is money.
According to Bank of America, young people aren’t just cutting back on the cost of love; they’re failing to invest in it all together. The report states that over half of 18-28 year-olds are spending $0 a month on dating, and for those who do drop the pennies, 25% of men and 30% of women cap romance at less than $100 per month.
As a 28-year-old myself, hard relate. Why risk a bad date, complete with wasted precious evening time and a cumbersome commute (which is quickly getting colder and darker), on top of depleted funds? We’re already navigating rising costs of living, student debt, and unstable incomes.
Added to the fact that dating apps are also losing their sheen. Once hailed as the great equaliser in affairs of the heart, the digital landscape is taking an emotional toll on 75% of Gen Z. Two thirds of young people say they’re fed up of swiping for surface-level connections, with almost all users experiencing ghosting and burnout at least once during their dating app journey.
Real life feels more authentic and attainable – understandable. But all those dinner dates and gallery trips come with a price tag.
It’s not that Gen Z is giving up on love, rather they’re redefining what it costs. Low-cost date alternatives are on the rise, bolstered by an uptick in sobriety amongst young people. Anything from outdoor walks to home-cooked meals are now the romantic gestures du jour.
Gen Z are also becoming more financially responsible thanks to mounting economic pressures.
‘[They] don’t feel pressured by peers to overspend and are increasingly comfortable saying no to outings they can’t afford,’ says Ashley Fike. Given the omnipotent gaze of social media – which has become a breeding ground for harmful comparison – this is pretty impressive.
The same line of thinking is seeping into Gen Z’s dating lives, with many choosing to save their hard earned cash for something they’re certain they’ll enjoy.
It’s all the more important given many young people don’t feel they’re making enough money to live the lives they envision for themselves.
According to Bank of America, more than half of Gen Z adults feel their salaries aren’t enough to sustain their dream lifestyles, and while 42% said they saw retirement savings as a means of achieving financial freedom, only 25% contributed to a retirement account in the past 12 months. This leaves room for frugality in other areas.
