Millennials And Gen Z Say Social Events Are Killing Their Money Goals
Going to a wedding, or any sort of social celebration, costs you a pretty penny, especially in today’s day and age. It’s become so much that according to CNBC, it’s affecting…
MIAMI, FLORIDA – DECEMBER 16: A bartender creates specialty cocktails made with Casamigos at the opening party for Alo Miami on December 16, 2021 in Miami, Florida.
. (Photo by Jason Koerner/Getty Images Alo Yoga)Going to a wedding, or any sort of social celebration, costs you a pretty penny, especially in today’s day and age. It’s become so much that according to CNBC, it’s affecting millennials and Gen Z’s money goals. A new survey from Prudential has found these details. According to the study:
- 46% of millennials said spending money on friends and family members weddings, baby showers and celebrations is getting in the way of their personal goals
- 48% of Gen Z said the same
- Both millennials and Gen Z were more likely than Gen X and baby boomers to say no to events to protect their money goals
- 25% of millennials admit to tapping into their emergency funds at least once a month
- 23% say they’ve tapped into their emergency funds to pay for a gift or attend a celebration
Brandon Goldstein, a millennial financial planner at Prudential says he’s already been to 10 weddings so far this year! He gives insight to these findings, explaining, “I think it’s a combination of everything coming at us with Covid, especially the last couple of years, that might be why you’re seeing a higher number [of millennials] dipping into savings because of these events, versus other generations.”
- One other thing? Half of millennials did say they’ve lost sleep because of stress over money… but 70% said they don’t use a formal budget. Goldstein thinks it’s because “people might be scared to see the actual numbers.”
Source: CNBC
