Expert: "Sustaining Relationships Is Impossible with Huge Debt... Spend Strategically"
The burden of dating expenses is found to be significant among the American MZ generation. [Image source=Pixabay]
[Asia Economy Reporter Park Hyun-joo] One in five American MZ generation (Millennials + Generation Z) individuals has experienced going into debt due to dating expenses.
On the 10th (local time), CNBC cited a survey conducted by the U.S. online lending company LendingTree, reporting that 22% of American Millennials (ages 26-41) respondents and 19% of Generation Z (ages 18-25) respondents have gone into debt because of dating costs.
The surveyed American MZ generation answered that they spend an average of $91 (about 130,000 KRW) on a one-night date. By gender, women spend an average of $81 (about 115,000 KRW), while men spend an average of $104 (about 148,000 KRW).
Matt Schultz, an analyst at LendingTree, explained that the reason for the heavy dating cost burden on the MZ generation is "because everything is getting more expensive, including new clothes, bouquets, transportation, dinner, concerts, and coffee."
Experts emphasized planned spending and honesty as solutions to dating expenses. Michael Leach, head of advisory, financial planning, and investment management at Wells Fargo, advised, "Set a monthly dating budget and spend within that range." Ted Rossman, an analyst at the U.S. financial information company Bankrate, said, "It is better to be honest with your partner about your dating budget," adding, "Going into large amounts of debt does not help the relationship and is unsustainable."
In fact, LendingTree's survey showed that 85% of respondents said they would not be offended if their partner suggested a low-cost date. CNBC reported, "You may want to overspend on dating costs to make a good impression on your partner," but also noted, "Budget-friendly dates such as home-cooked meals or museum visits can be appropriate alternatives."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
