It seems like money really can’t buy love, at least that’s according to findings from a new survey.
September Lendingtree survey found that 22% of millennials (ages 26 to 41) and 19% of Gen Zers (ages 18 to 25) have entered into debt from what they’ve spent on their romantic dates.
Surveyors said on average they spend about $91 on a date, and women respondents men spend an average of $104.
“Everything is getting more expensive,” LendingTree Chief Credit Analyst Matt Schulz says in the report as reported by CNBC. “It’s not just the new clothes, roses, ride-share, fancy dinner, concerts or the after-show coffee — it’s all of it.”
“The extra cost of each of these things individually may not be earth-shattering, but added together, they can be a very big deal,” Schulz said.
In the summer, Bloomberg reported the consumer price index category for food away increased 7.7% in June from last year, while full-service restaurants went up to 8.9%. Grabbing a simple cocktail isn’t as easy either since costs for alcoholic beverages increase by 4% since 2021 as well.
Back in August, ESSENCE reported that those actively on the love hunt, increased prices are hitting them hard as well. Hinge (a popular dating application) reported that nearly 41% of surveys respondents said they were more concerned with the cost of dates now versus a year ago, with Gen Z the most worried.
In September, the Urban Institute reported that more than 64 million Americans have credit card debt and an Experian study also found that 340 million Americans are in some form of debt. On average, most Americans have at least $39,487 of student loan debt, at least $5,221 of credit card debt, and auto loan or lease of at least $20,987 and mortgage debt that sits at about $220,380.
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