Young adults are rethinking the way to spend money, especially when it comes to dating. According to a new survey of Bank of America, many Gen Z adults (ages 18 to 28) are becoming increasingly budget-conscious as they navigate high living costs and economic uncertainty.
The survey, which polled over 900 respondents, found that more than half of Gen Zers spent nothing on dating in recent months. Among those who did, 25% of men and 30% of women reported spending less than $100 a month on romantic outings.
Financial responsibility is now seen as an essential trait in a partner, the findings showed.
“Gen Z is discovering that adulthood comes with a hefty price tag,” said Holly O’Neill, president of consumer, retail, and preferred banking at Bank of America. “They’re cutting back on dining out, choosing more affordable grocery options, and actively budgeting.”
Beyond dating, many Gen Zers are prioritizing long-term financial goals. Over 50% said they were saving more, and 24% were focused on paying down debt to improve their financial footing.
The broader economic landscape hasn’t helped. Inflation ticked higher in June, with price increases across everything from coffee to electronics to home goods — a trend economists link to the Trump administration’s renewed import tariffs, which appear to be hitting consumers directly.
Struggling to Meet Expenses
The financial strain is real: More than half of Gen Z respondents said they don’t earn enough to live the life they want, and 55% lack emergency savings sufficient to cover three months of expenses.
Still, signs of growing financial independence are emerging. The proportion of Gen Zers receiving monetary support from parents or family fell to 39%, down from 46% a year ago. Those who do get help are receiving less — only 22% now receive $1,000 or more per month, compared to 32% last year, while more than half receive less than $500, up from 44%.
“They’re challenging the common stereotype of young adults being careless with money,” O’Neill added. “Despite facing significant economic hurdles, Gen Z is making real efforts to become financially self-sufficient.”
