(NewsNation) — A few months ago, America was declared to be in a romantic recession.
Never heard of that term before? Basically, it’s defined by the fact that Americans are becoming less sexually active, less likely to be married, and spending more time alone now than in previous decades.
And now, a recent Bank of America survey suggests that part of what’s causing the downturn is that half of Gen Z adults are spending their money on everything except dating.
The survey found that 53% of men and 54% of women didn’t spend a dime on dates. In addition, 41% cut back on dining out at all.
“Gen Z is challenging the stereotype when it comes to young people and their finances,” said Holly O’Neill, Bank of America.
“Even though they’re facing economic barriers and high everyday costs, they are working hard to become financially independent and take control of their money.”
The survey also highlighted that over the past year, 72% of Gen Z implemented measures to improve their financial health, 64% focused on reducing expenses and 39% received financial support from parents and other family.
“Despite a lack of income, Gen Z finds ways to enjoy the little things, whether celebrating a win or trying to help turn around a bad day,” the survey said.
