A recent Bank of America survey reveals that over 50% of Gen Z adults in the U.S. are becoming more frugal with their dating expenses due to rising living costs. Among those who do spend money on dates, most allocate under $100 per month. Financial responsibility in romantic partners is highly valued by this generation.
As prices for essentials and goods rise—partly attributed to import tariffs during the Trump administration—Gen Z is adjusting by dining out less, shopping more economically, and setting strict budgets. Over half of the respondents are prioritizing savings, with 24% actively reducing debt. Despite economic pressures, financial support from family is declining, with only 39% receiving aid , and fewer receiving large sums.
Although more than half feel they don't earn enough to maintain their desired lifestyle and 55% lack adequate emergency savings, Gen Z is striving toward greater financial independence, challenging common stereotypes about young people and money.
In a related study by Empower, Americans now spend nearly four hours a day thinking about money, the equivalent of a part-time job. This surge in financial anxiety is impacting consumer behavior, potentially influencing spending patterns. Everyday expenses top the list of financial concerns, with generational differences highlighting unique anxieties: younger individuals focus on housing costs, job security, and debt, while older adults worry about retirement savings, stock market performance, and emergency funds.
Despite these challenges, the anxiety may be leading to better financial decisions. However, survey sentiment doesn't always match actual behavior. For example, people may claim to cook at home more to save money but often only make small changes, such as one additional home-cooked meal per month.
These findings underscore a significant shift in financial attitudes among Gen Z, highlighting a generation that is increasingly conscious of their spending habits and financial well-being.