FRESNO, Calif. (KFSN) — From birthday parties and weddings to girls’ night out and brunch, the cost of friendship can add up.<\/p>\n
“We want you to have that time with your friends, but not at the cost of your bank account,” says Jack Howard, Ally Bank’s Head of Money Wellness.<\/p>\n
Howard says a recent survey shows how much people are willing to spend in fear of missing out.<\/p>\n
“For Gen Z and millennials, 69% are placing a priority on spending time with friends at least once per week,” he said.<\/p>\n
ABC PRICE TRACKER: See cost of gas, groceries, housing where you live <\/a><\/p>\n The survey found that three out of five are having financial hardship with that commitment.<\/p>\n “I think social media has a big piece of it,” Howard said. “We’re looking at what all of our other friends are doing, we’re going on big trips, we’re going on big brunches and not thinking of more affordable ways to spend time with our friends.”<\/p>\n The survey also found that on average, people spend $250 every month on activities with friends and that overspending is the norm, not the exception.<\/p>\n “There’s nothing worse than having to tell your friends no and then seeing them go out without you,” Howard said.<\/p>\n Financial differences between friends can impact more than just your wallet. One in five respondents said financial or lifestyle differences contributed to a falling out.<\/p>\n Howard says that can be avoided with transparency. If a night out isn’t an affordable option, speak up.<\/p>\n “This is a conversation that needs to take place,” he said. “Oftentimes, we are so afraid to have tough conversations with the people we love. I bet if you have the conversation and simply say this isn’t in my budget right now, it will open up the space for your friends and family members to say, ‘You know what, it’s not that affordable for me either.'”<\/p>\n You can also offer a lower-cost alternative.<\/p>\n “It can be volunteering, going to the gym,” Howard said. “There are ways to do this in a more affordable way.”<\/p>\n For news updates, follow Vanessa Vasconcelos on Facebook<\/a>, X<\/a> and Instagram<\/a>.<\/p>\n Copyright \u00a9 2025 KFSN-TV. All Rights Reserved.<\/p>\n