New Ally Bank Survey Reveals the Hidden Financial Cost of Friendships
Ally Bank (NYSE:ALLY) has released a comprehensive survey revealing the significant financial impact of social relationships on Gen Z and millennials. The study shows that 44% of young adults have skipped major social events due to costs, while the average monthly spending on activities with friends amounts to $250.
Key findings include that only 18% of respondents maintain a strict social budget, while 59% acknowledge that friendship-related spending affects their financial goals. Gender disparities are notable, with 30% of women reporting difficulties in building savings due to social spending compared to 22% of men. The median 6-month social spending is $750 for both genders, though men's average is higher at $1,775 versus $1,250 for women.
Ally Bank (NYSE:ALLY) ha pubblicato un sondaggio approfondito che evidenzia il notevole impatto finanziario delle relazioni sociali su Gen Z e millennial. Lo studio mostra che il 44% dei giovani adulti ha saltato eventi sociali importanti a causa dei costi, mentre la spesa media mensile per attività con amici è di 250 dollari.
I risultati principali indicano che solo il 18% degli intervistati mantiene un budget sociale rigoroso, mentre il 59% riconosce che le spese legate all'amicizia influenzano i propri obiettivi finanziari. Le differenze di genere sono evidenti: il 30% delle donne riferisce difficoltà nel risparmiare a causa delle spese sociali, rispetto al 22% degli uomini. La spesa sociale mediana su 6 mesi è di 750 dollari per entrambi i sessi, anche se la media degli uomini è più alta, con 1.775 dollari contro 1.250 dollari delle donne.
Ally Bank (NYSE:ALLY) ha publicado una encuesta exhaustiva que revela el impacto financiero significativo de las relaciones sociales en la Generación Z y los millennials. El estudio muestra que el 44% de los jóvenes adultos ha evitado eventos sociales importantes debido a los costos, mientras que el gasto promedio mensual en actividades con amigos es de 250 dólares.
Los hallazgos clave incluyen que solo el 18% de los encuestados mantiene un presupuesto social estricto, mientras que el 59% reconoce que el gasto relacionado con la amistad afecta sus metas financieras. Las disparidades de género son notables, con el 30% de las mujeres reportando dificultades para ahorrar debido a gastos sociales, en comparación con el 22% de los hombres. El gasto social mediano en 6 meses es de 750 dólares para ambos géneros, aunque el promedio de los hombres es mayor, con 1,775 dólares frente a 1,250 dólares de las mujeres.
Ally Bank (NYSE:ALLY)는 Z세대와 밀레니얼 세대의 사회적 관계가 재정에 미치는 중대한 영향을 밝히는 포괄적인 설문조사를 발표했습니다. 조사에 따르면 젊은 성인의 44%가 비용 문제로 주요 사회적 행사에 참석하지 않았다고 하며, 친구와의 활동에 월평균 250달러를 지출하는 것으로 나타났습니다.
주요 결과로는 응답자의 18%만이 엄격한 사회적 예산을 유지하고 있으며, 59%는 우정 관련 지출이 재정 목표에 영향을 미친다고 인정했습니다. 성별 차이도 두드러지는데, 여성의 30%가 사회적 지출로 인해 저축에 어려움을 겪는다고 보고한 반면 남성은 22%에 그쳤습니다. 6개월간 중간 사회적 지출액은 양성 모두 750달러였으나, 남성의 평균 지출액이 1,775달러로 여성의 1,250달러보다 높았습니다.
Ally Bank (NYSE:ALLY) a publié une enquête complète révélant l'impact financier important des relations sociales sur la génération Z et les milléniaux. L'étude montre que 44 % des jeunes adultes ont évité des événements sociaux majeurs en raison des coûts, tandis que la dépense mensuelle moyenne pour des activités entre amis s'élève à 250 dollars.
Les résultats clés indiquent que seulement 18 % des répondants maintiennent un budget social strict, tandis que 59 % reconnaissent que les dépenses liées à l'amitié affectent leurs objectifs financiers. Les disparités entre les sexes sont notables, avec 30 % des femmes déclarant des difficultés à épargner en raison des dépenses sociales, contre 22 % des hommes. La dépense sociale médiane sur 6 mois est de 750 dollars pour les deux sexes, bien que la moyenne des hommes soit plus élevée, avec 1 775 dollars contre 1 250 dollars pour les femmes.
Ally Bank (NYSE:ALLY) hat eine umfassende Umfrage veröffentlicht, die die erhebliche finanzielle Auswirkung sozialer Beziehungen auf die Generation Z und Millennials aufzeigt. Die Studie zeigt, dass 44 % der jungen Erwachsenen aufgrund der Kosten große soziale Veranstaltungen ausgelassen haben, während die durchschnittlichen monatlichen Ausgaben für Aktivitäten mit Freunden 250 US-Dollar betragen.
Wichtige Erkenntnisse sind, dass nur 18 % der Befragten ein striktes Sozialbudget einhalten, während 59 % anerkennen, dass Ausgaben im Zusammenhang mit Freundschaften ihre finanziellen Ziele beeinflussen. Geschlechterunterschiede sind bemerkenswert: 30 % der Frauen geben an, aufgrund sozialer Ausgaben Schwierigkeiten beim Sparen zu haben, verglichen mit 22 % der Männer. Die mittleren sozialen Ausgaben über 6 Monate betragen für beide Geschlechter 750 US-Dollar, wobei der Durchschnitt der Männer mit 1.775 US-Dollar gegenüber 1.250 US-Dollar bei Frauen höher liegt.
- Ally Bank offers practical solutions like savings and spending buckets for social expense management
- 23% of young adults are finding ways to socialize without spending through 'no spend hangs'
- The company provides free Money Roots™ financial wellness program to help improve money habits
- 42% of Gen Z/millennials overspend on social activities several months per year
- 24% of young adults experience anxiety about financial constraints affecting social activities
- 20% report losing friendships due to financial or lifestyle differences
Financial pressures are putting a strain on social connections – with
Only
Released ahead of International Friendship Day, The Friendship Tab survey shows that while three out of five young adults admit social spending affects their financial goals,
"I absolutely believe you can have both – meaningful friendships and healthy finances – it just takes a little planning," said Lindsay Sacknoff, Head of Consumer Banking at Ally. "Using tools like our savings or spending buckets to set up a 'friendship fund' can make it easier to say yes to plans without stress. Tracking your spending and planning ahead for things that bring you joy, from weekly brunch to birthday trips, will help you stay financially grounded while making lasting memories."
Notably, nearly a quarter say they fear missing out on social connections due to financial constraints, with
"FOMO is real and can lead to overspending that harms our financial well-being," said Jack Howard, Head of Money Wellness at Ally. "Be open with your friends if you can't swing that brunch or birthday trip. You might be surprised to learn they're in the same boat. Discussing money openly with friends can help dismantle the shame around financial struggles and is a great way to explore affordable ways to spend time together. Plus, the ultimate BFF is someone who respects your relationship with money."
The Financial Strain of Friendship
For Gen Z and millennials, the joy of friendship often comes with a financial cost that can be challenging to manage:
44% of Gen Z/millennials have skipped major social events because of the cost, with 1 in 4 saying their social spending makes building savings difficult.- On average, people spend
$250 - While the median for the total costs of activities with friends in 6 months is
$750 $1,775 $1,250
Yet the desire to stay connected is strong:
52% of Gen Z/millennials have 1 to 3 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% ).- In fact,
32% of Gen Z/millennials go to a restaurant or bar with friends weekly or more often. - Friendship remains a priority, with
23% of Gen Z and millennials finding ways to spend time together without spending money, like through "no spend hangs."
Overspending is the Norm, Not the Exception
Most young adults aren't budgeting effectively for social life, and they know it:
- Only
18% of respondents have a strict budget for activities with friends, and59% say their financial goals are impacted by spending on activities with friends. 42% are overspending on their social budgets several months out of the year. Nearly a quarter (24% ) of Gen Z and millennials admit they'd feel left out if they had to decline social activities due to financial constraints.
Social Pressure, Lifestyle Gaps and Emotional Fallout
From anxiety to conflict, financial differences between friends affect more than just your wallet – it creates emotional weight and turmoil:
- 1 in 5 (
20% ) say financial or lifestyle differences contributed to the falling out of a friendship. - Nearly a quarter (
24% ) report feeling anxious about financial and/or lifestyle differences with their friends and22% report often having anxiety when they're not sure they can afford a social activity. - Nearly 1 in 5 (
17% ) say there have been times when they felt they couldn't be honest with friends about their finances. - Nearly a quarter (or 1 in 4) feel that tariffs and inflation have made it more difficult to do things with their friends and intend to cut costs.
Women Are Feeling the Strain More Intensely
From birthday brunches to bachelorette weekends, social spending adds up fast, and for many women, it's getting in the way of financial peace of mind, unlike men who report more positive feelings about financial differences with friends:
- Nearly 1 in 3 (
30% ) of women Gen Z/millennials say social budgeting makes building up savings difficult (vs22% of men) 27% of women say their social spending makes it difficult to save for emergencies (vs20% for men) and a quarter of women say social spending makes it challenging to pay off their credit card bill each month (vs16% of men).
Being a good friend starts with understanding your own money story to ultimately encourage mutual financial support. Last year, Ally introduced Money Roots™, a free financial wellness program to help people uncover how their money mindset impacts their spending, saving and investing decisions – and vice versa. The program offers four free, one-hour workshops for customers and non-customers alike. For more information on how Ally is meeting people where they are to improve money habits and financial futures for all, visit ally.com/moneyroots.
Press Kit: Full survey results available here.
Savings Buckets are a feature of Ally Bank's Savings Account. Spending Buckets are a feature of Ally Bank's Interest Checking Account. Ally Bank, Member FDIC.
Survey Methodology: Surveyed 1,000 consumers who represent the Gen Z (
About Ally Financial
Ally Financial Inc. (NYSE: ALLY) is a financial services company with the nation's largest all-digital bank and an industry-leading auto financing business, driven by a mission to "Do It Right" and be a relentless ally for customers and communities. The company serves customers with deposits and securities brokerage and investment advisory services as well as auto financing and insurance offerings. The company also includes a seasoned corporate finance business that offers capital for equity sponsors and middle-market companies. For more information, please visit www.ally.com.
For more information and disclosures about Ally, visit https://www.ally.com/#disclosures.
For further images and news on Ally, please visit http://media.ally.com.
CONTACT
Megan Rivers
Ally Communications
Megan.Rivers@Ally.com
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SOURCE Ally Financial
FAQ
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