According to MarketWatch on the 16th, Bank of America (BoA) recently released a financial soundness report based on a poll of Generation Z.
According to the survey, 53% of male respondents and 54% of female respondents said they spend $0 on dating for a month. On the contrary, less than half of the respondents said they spend less than $100 a month, and 28% of them said they spend less than $100 a month. Forty-two percent of the respondents also said, “It is more convenient to refuse social activities if you cannot afford them.”
The biggest reason for such reluctance to spend money on dating was the “high cost of living.” Nearly half of the respondents said they do not spend money on dating due to high living costs.
“They (Generation Z) were worried about food prices, worried about rent, and worried about eating out,” said Will Smaida, head of BoA Financial Center. In fact, the core consumer price index (excluding food and energy) in the U.S. rose 0.3% in July from the previous month, the largest monthly increase since January this year.
Housing and childcare expenses are also cited as reasons for the younger generation’s postponement of marriage and childbirth beyond romantic relationships. According to the Census Bureau, young adults tend to put more emphasis on economic stability than on their children’s plans.
The S&P’s CoreLogic Case-Shiller national home price index, which tracks U.S. residential property prices, has nearly doubled over the past decade, with child care fees in the U.S. reaching up to $15,600 per year as of 2022. College tuition also rose 36.7% between 2010 and 2023.
The dating method itself is also changing. “Generation Z dates with a purpose and prioritizes compatibility and shared values over fancy spending,” said Michelle Kaye, director of marketing and communication at OKCupid, a dating app. “I often see Generation Z who feels that they cannot date due to financial pressure such as debt and low wages.”
In particular, the spread of generative artificial intelligence (AI) is changing their way of dating. According to a joint survey by dating app companies such as OKCupid, about a third of Gen Z singles have used AI as a dating partner or interlocutor replacement instead of real people.
LinkedIn Chairman Reed Hoffman said, “If your computer has a ‘Chad (virtual AI character) for free, why would you spend money to meet a real person who could be rejected?”
JENNIFER KIM
US ASIA JOURNAL
