Research indicates that dating is putting a financial strain on young people, particularly millennials, with about 22% likely to accumulate debt as a result of their dating activities.
In a survey conducted by LendingTree involving 1,578 U.S. consumers, it was found that 77% of individuals actively dating expressed that having more money would make dating easier. Notably, this sentiment was more prevalent among men (83%) than women (73%).
Despite financial constraints, 32% of respondents stated they would still pursue a date even if they couldn’t afford it, with men (36%) being more inclined to do so than women (30%). Consequently, many are reducing the frequency of their dates, with 19% citing inflation as the reason for going on fewer outings and an additional 14% attempting to cut down on dating expenses.
The financial burden of dating is felt disproportionately by men, who often feel obligated to cover the costs of dates. More than half of men surveyed (54%) believe that men should pay for the first date, while only 26% of women advocate for splitting the expenses equally.
Interestingly, the preferences of Generation Z reflect a shift, with 34% suggesting that the person who initiated the date should foot the bill, and 32% advocating for shared expenses. However, regardless of who pays, the high cost of dating makes individuals less likely to pursue subsequent dates.
Given these financial challenges, it’s predicted that only the affluent will be able to afford traditional outside dates, while others may opt for cost-effective alternatives such as home-based activities.
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