A new survey shows that Gen Z and millennials are not timid when it comes to their dating lives. They are not shy about not spending lavishly on first dates.
British fashion retailer PrettyLittleThing discovered that about 60% of Zoomers said they would not shell out more than $50 on their first date. On the other hand, a staggering 96% of millennials said the same thing.
Frugal Dating: Good or Bad?
According to financial therapist Traci Williams, this new frugal dating seems to be a good thing. It is an indication that the younger generation is moving towards experiences instead of material things.
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Williams further said it is possible to set up a romantic dinner date beneath the stars at a beautiful park for less than $50 and still have a wonderful experience.
Economic Uncertainties
This sign also shows that a lot of millennials and Zoomers (Gen Z) are facing financial realities. This is the reason why many of them are cautious about how they spend their money.
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These generations are in an economic era where there is a growing $1.7 trillion student debt issue. They are also facing other harsh realities like the high cost of living and economic uncertainties.
Creative Generations
When it comes to dating, they understand that it might be a long game, and they budget their money accordingly. Zoomers and millennials are known to be very creative, so when they find out that they can be on a budget and still nurture meaningful connections, they would definitely take advantage of the opportunity, Williams further stated.
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These generations are more likely to share costs during dates, but they remain cautious of their finances when dating.
Traditional or Recent Bill Paying Approach
Chime, a banking app, found that 43% of Gen Z and millennial respondents say that people who earn more should pay on dates more frequently. The remaining 57% said people should alternate paying on dates.
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“In our society now, things have changed a bit,” Traci Williams said. “ Although some people prefer to take the traditional approach, when it comes to who takes the bill, we are starting to see more equity.
Gender Roles
This shift also signifies changing gender roles. Back when men were the only ones who worked, they were the ones with financial resources. This means paying for a woman’s meal or drink was expected. However, times have changed.
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In an interview held with Marissa Nelson, Black dating app BLK’s relationship and intimacy expert, she said, ”There are many females out there who have their own source of income.
The Main Focus
Ladies can now pay for their own meal or drink when they need to. Therefore, when dating, the focus is on how the person they are dating makes them feel. These generations concentrate on genuine connections and whether they are treated with kindness and respect,”
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She further stated that she liked that they are not fixated on money but rather concerned with things money cannot buy during these dates.
Another Perspective
Since there are two sides of a coin, we can say this behaviour also means something else. The fact that millennials and Zoomers do not want to spend a significant amount on their first dates might also indicate their shift away from serious dating. They might be leaning more towards casual situationships as well.
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According to Nelson, many millennials and Zoomers approach dating with a level of discernment and casualness that sets them apart from previous generations.
A New Dating Path
“They accept the fact that they will come across a few frogs before finding the right partner, so this makes them unwilling to invest too much upfront,” Nelson said.
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These generations grew up ghosting, so catfishing and nightmare dating apps are the norm. This situation makes them want to be more cautious. Therefore, they abandon the old notion of impressing their dates by spending money early on. This has caused low-investment dates like evening walks or coffee dates to become popular. A situation that previous generations might have avoided.
Spending on a Stranger
Joe Feminella, founder of the dating app First Round’s On Me, talked about these dates. She said these dates allow you to avoid scenarios where you’ll have to spend your money on a stranger. A stranger you might plan on never seeing again.
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Feminella said the worst thing that can happen is that you get a dinner reservation at a nice restaurant. And five minutes into your date, you know it’s not going anywhere. Then, the rest of the date just passes by with small talk to get it over with.
Tastes and Preferences
Gen Z and millennials also have the tendency to date multiple people at once. They can have several dates in one week, which can quickly add up to a huge dent in their budget.
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However, Williams said, “every couple has unique preferences. They need to align their preferences at the beginning so that they are both comfortable while dating.’’
Zoomers are Less Concerned About Finances in Dating
Although both generations are not comfortable spending more than $50 on a date, Gen Z was less likely to find it unacceptable. The survey showed 60% versus 96%.
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Williams said that the 30% point difference might have an explanation. She explained that it might be due to the social buildup Zoomers experienced due to the pandemic.
Effect of the Pandemic
“They had to sacrifice their social freedoms due to the pandemic and economic hardship. They missed out on significant rites of passage like travelling, meeting new people, and getting the full college experience,” Williams said.
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“Their social lives have been strained these past few years. So, I think they are excited to be out and about and making the most out of life,” she explained further.
Communication Style
Williams explained that Gen Z also approaches communication when dating, differently, compared to millennials. She said Zoomers are more comfortable talking about money within six months of a relationship. A topic that is approached much later by other generations.
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Another part of the equation lies in how Gen Z witnessed millennials use and fail dating apps before them.
Dating App Test Subjects
“Like everything in the world, it’s recorrecting itself,” Feminella said. “Millennials were the test subjects for dating apps. They had to figure out this new style of dating while also being raised the way they were raised .”
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“So by nature, we are more tired, hesitant and almost conflicted. But Gen Z may be learning from our mistakes. They are more open to cherishing those first dates and willing to commit that little bit more.”