Gen Z, Millennials Refuse to Spend More Than $50 on First Date

Gen Z and millennials are not shy about their dating finances, and splurging on a first date is an absolute no go, according to a new survey.

British fashion retailer PrettyLittleThing found that 60 percent of Gen Zers said they wouldn't spend more than $50 on a first date, and a whopping 96 percent of millennials said they also wouldn't spend more than that on the first meet-up.

The shift toward frugal dating is a sign of the younger generation's move toward experiences rather than material items, according to financial therapist Traci Williams.

"You can set up a romantic dinner date under the stars at a beautiful park for less than $50, and have the most extraordinary experience," Williams told Newsweek.

It's also indicative of the financial realities many Gen Z and millennials face, leading many to be more cautious about their spending. These generations are at the forefront of a growing $1.7 trillion student debt problem while dealing with high living costs and economic uncertainties.

"In dating, they know it might be a long game and will budget accordingly. Gen Zers and millennials are very creative, so when they know these options exist and can foster meaningful connections without breaking the bank, they're going to take advantage of these opportunities," Williams said.

The two generations might be more likely to go Dutch during dates, but they still remain very aware of finances when dating. Banking app Chime found 43 percent of Gen Z and millennial respondents said higher earners should pay on dates more frequently.

Meanwhile, a little bit more, 57 percent said people should alternate paying on dates.

"In today's modern society, things have shifted a little bit," Williams said. "While some people continue to prefer the conventional approach, we're actually seeing more equity when it comes to who takes the bill."

The shift reveals changing gender roles as well. Historically, men were the only ones with access to financial resources, meaning paying for a woman's meal or drink was the universal standard.

"With many female identifying singles out there that have their own resources, they can pay for their own cup of coffee or meal if needed, so the focus is on how someone they are dating makes them feel, and if there is a genuine connection and that person treats them with kindness and respect," Marissa Nelson, Black dating app BLK's relationship and intimacy expert, told Newsweek. "I like that this generation is leading with the things that money cannot buy during dates."

The dread millennials and Gen Zers feel towards spending a significant amount of money on a first date might also reveal their shift away from serious dating and toward casual situationships as well.

"Many millennials and Gen Zers approach dating with a level of discernment and casualness that distinguishes them from previous generations," Nelson said. "They acknowledge the possibility of encountering a few frogs before finding a compatible partner and are hesitant to invest too much upfront financially."

Because these generations grew up when ghosting, catfishing and nightmare dating app dates are standard, they want to be more cautious and therefore reject the traditional notion of impressing your date by spending money on a possible connection early on.

Due to this, low-investment dates like coffee or even taking a walk have soared in popularity whereas previous generations might have avoided them altogether.

These dates allow you to avoid scenarios where you're forced to spend several hours (and a portion of your paycheck) with a stranger you never plan on seeing again, according to Joe Feminella, a millennial who founded dating app First Round's On Me.

"The worst thing that can happen is you get a dinner reservation at a nice restaurant, and five minutes into your date you know it's not going anywhere," Feminella told Newsweek. "You are then literally counting down the next hour and half making small talk, just waiting for the date over with."

Gen Z and millennials might also be more likely to date multiple people at once, with several dates in one week, which can quickly add up to a hefty hit on your budget.

Still, Williams said every couple has unique preferences, and it's important to align your preferences at the beginning so both feel comfortable while dating.

Gen Z Less Concerned About Finances in Dating?

While a majority of both Gen Z and millennials felt uncomfortable spending more than $50 on a date, Gen Z was far less likely to find this unacceptable, at 60 percent versus 96 percent.

Williams said this 30 percentage point difference might be due to the social buildup Gen Zers experienced during college and their early 20 years as a result of the pandemic.

"Over the past few years, however, they've had to sacrifice a lot of their social freedoms because of the global pandemic and a struggling economy, with many missing out on key rites of passage like traveling, meeting new people, and getting the full college experience," Williams said.

"Because their social lives have been strained these past few years, I think we're seeing more excitement around getting out there and making the most out of life."

Gen Z also approaches dating communication differently than their elder millennials. Williams said Gen Zers are more comfortable talking about money within six months of a relationship, which is much sooner than other generations.

But another part of the equation lies in how Gen Z witnessed millennials use (and fail) dating apps before them.

"Like everything in the world, it's recorrecting itself," Feminella said. "Millennials were the guinea pigs for dating apps and had to figure out this new style of dating while also being brought up in the way 'things used to be.'

"So by nature, we are more jaded, hesitant and almost conflicted, whereas Gen Z may be learning from our mishaps, are more open to cherishing those first dates and willing to commit that little bit more."