Nearly 60% of millennials and Gen Zers say their social life is hurting their financial goals
Emmy, a 31-year-old living in Los Angeles, has been in a credit card debt cycle — racking up balances, paying a card off and then maxing it out again — since she was 18.
When Emmy, who uses a pseudonym online to protect her privacy, started sharing her debt journey on TikTok in March, her total balanced exceeded $28,000.
“I know this is my fault,” she tells CNBC Make It. “I was always the friend that’d be like, ‘Shots on me,’ or ‘Oh, don’t worry, I got it’ or ‘Just pay me next time,'” she says, adding that she wouldn’t always follow up on requesting friends pay her back.
She’s not alone. Nearly 60% of millennials and Gen Zers say their financial goals have been impacted by social spending, according to a new survey from Ally Bank.
Spending money on time with friends isn’t necessarily a bad thing. In fact, “you’re going to get the highest return on your well-being doing that,” says Jack Howard, head of money wellness at Ally.
“But then we’re getting into trouble, because we’re finding that 42% of folks are overspending,” she adds, citing the survey, which found that 42% of millennials and Gen Zers report overspending on their social budgets several months out of the year.
going out to dinner or traveling with friends are important to you, you may have to make cuts in other areas of your life in order to prioritize them.
certified financial planner or a financial therapist who can offer guidance on your specific situation.
Want to stand out, grow your network, and get more job opportunities? Sign up for Smarter by CNBC Make It’s new online course, How to Build a Standout Personal Brand: Online, In Person, and At Work. Learn from three expert instructors how to showcase your skills, build a stellar reputation, and create a digital presence that AI can’t replicate. Sign up today with coupon code EARLYBIRD for an introductory discount of 30% off the regular course price of $67 (plus tax). Offer valid July 22, 2025, through September 2, 2025.
Plus, sign up for CNBC Make It’s newsletter to get tips and tricks for success at work, with money and in life, and request to join our exclusive community on LinkedIn to connect with experts and peers.
[title_words_as_hashtags
