For a demographic cohort facing a high cost of living, mounting student-loan debt and job-market instability, Generation Z has not been placing a high priority on dating. Instead, it’s a financial burden.
Data on spending habits provide a glimpse of how young folks’ mindset toward dating has shifted. About half of men (53%) and women (54%) ages 18 to 28 are spending $0 a month on dating, a recent Bank of America report on Gen Z adults’ financial health found.
This is likely because Gen Z has a different approach to dating compared with prior generations when their members were in the age bracket Gen Z is in now, experts say. With pandemic-fueled changes to how people socialize, alongside economic pressures fueling a pullback in young people’s spending, dating has taken a backseat for a significant portion of Gen Z. Instead, many are prioritizing economic security before rushing to find a partner, get married, have kids and buy a home, compared with past generations, who typically hit those milestones earlier in life.