"Spending 350,000 KRW a Month to Meet Friends"... US Gen Z Sighs Under 'Friendship Gathering Expenses' Pressure [The World is Z Gold]

"Young Adults Maintain Friendships Despite Financial Pressure"
Six-Month Average Gathering Expenses: $1,775 for Men
Rising Prices Make Socializing More Burdensome

Editor's NoteGeneration Z (those born in the late 1990s to early 2010s) is gaining attention as a generation that leads culture and trends in a rapidly changing era, setting new standards across society. In [The World is Z Gold], we shed light on the lives and values of Generation Z around the world and explore how they are transforming society.

As inflation and the burden of living expenses increase, "social gathering expenses" have emerged as a new financial pressure among young people in the United States. Despite spending about 350,000 KRW (approximately $250) per month on gatherings, many are unable to easily cut back due to anxiety about losing social connections.

"Young people spend a significant amount to maintain friendships"

Pixabay

According to "The Friendship Tab" survey recently conducted by U.S. online bank Ally Bank targeting 1,000 members of the MZ Generation (Millennials + Generation Z), young people spend an average of $250 (about 350,000 KRW) per month to maintain friendships. Over six months, men spent an average of $1,775 (about 2.5 million KRW), while women spent $1,250 (about 1.75 million KRW). The median expenditure for both men and women over the same period was $750 (about 1.05 million KRW).

A considerable number of young people feel burdened by the cost of social gatherings. This is because, as prices rise, not only living expenses but also the cost of maintaining friendships has increased. In the same survey, 22% of respondents said they "feel anxious about whether they can afford the cost of social plans," while 25% said "it has become harder to spend time with friends due to rising prices." Ally Bank pointed out, "Young generations are paying a significant amount to maintain friendships, and this is negatively affecting their overall financial health and quality of life."

In particular, spending on social gatherings has increased significantly in recent years due to inflation. U.S. credit management service Self Financial reported that in 2022, Generation Z spent only $166.75 (about 230,000 KRW) per month on social activities.

"Afraid of being left out"... Maintaining at least weekly meetups

Pixabay

However, despite financial pressure, many young people have not reduced their gatherings due to loneliness or FOMO (fear of missing out). 69% of respondents said they "try to meet friends in person at least once a week." Jack Howard, Head of Financial Management at Ally Bank, said, "FOMO can damage an individual's financial health," adding, "if you find it difficult to afford the costs, it's important to be honest with your friends about your financial situation." He continued, "By openly sharing your financial situation with friends, you can reduce embarrassment and find ways to enjoy socializing while saving money," he added.

Some also suggested the importance of preparing financially before joining gatherings. Lindsay Sacknoff, Head of Consumer Banking at Ally Bank, said, "You need a plan to protect both your friendships and your finances," and added, "If you set aside money for gatherings in advance, you can accept invitations without stress." She continued, "By planning and managing enjoyable expenses in advance, such as weekly brunches or birthday trips, you can build precious memories while maintaining financial stability."

"Social gathering expenses" burden in Korea as well... Opening of group accounts

It was found that young people in the United States spend an average of $250 per month to maintain friendships. Photo by Pixabay

In Korea as well, many people feel burdened by the cost of gatherings with acquaintances. This is because, as prices rise, not only living expenses but also costs for dining out and other gatherings have increased. According to Statistics Korea's "Consumer Price Trends for July 2025," last month's Consumer Price Index was 116.52 (2020=100), up 2.1% from the same month last year, and dining out costs rose by 3.2%.

As a result, there is a movement to reduce social gathering expenses. According to the "2025 Consumer Life and Economic Outlook" survey conducted by Trend Monitor with 1,000 adults aged 19-59 nationwide, respondents said they would cut back first on less essential items such as dining out (40.4%, multiple responses), clothing (27.8%), and social gathering expenses (26.7%).

As the burden of gathering costs grows, more people are turning to financial services like "group accounts." Group accounts allow members to pool funds in advance and manage spending within a set budget, making gatherings more efficient by eliminating the need for frequent settlements. Alongside this, the "home party" culture-preparing food at home-is spreading, as people seek to maintain gatherings at relatively lower costs.