00:00I will have the side salad. And what would that be on the side of? I don't know. Why don't you
00:08just put it right here next to my water? We've recently covered how more than half of Gen Zers
00:13spend zero dollars a month on dates, but a new study finds it's a different story when it comes
00:19to something researchers call the friendship tab. It looks at how our finances impact what we spend to
00:26see our friends. If you thought FOMO, fear of missing out was just a bogus term, a new Ally Bank study
00:35might change your mind. Researchers surveyed 1,000 Gen Zers and millennials and found many feel pressure
00:42to spend on social connections even when money is tight. In fact, 42% said they've overspent on
00:50activities with friends. Not friends the TV show, but very fitting considering this scene where
00:56Rachel, Phoebe and Joey couldn't afford a fancy dinner. $33.50 apiece. No, no way. Sorry, not going to happen.
01:03On average, people spend about $250 a month on activities with friends. Over six months, that adds up.
01:11Men spend about $1,700, while women spend about $1,200. But 44% of participants said they've skipped
01:19major social events because of costs. And one in four say their social spending makes it hard to save money.
01:26In a press release, Ally's head of Money Wellness encouraged people to be honest with friends about
01:31finances, saying many might be in the same boat. Of course, that's not always easy. One in five people
01:38surveyed said a financial or lifestyle difference led to the end of a friendship. And it's a real thing
01:44on social media. Have you heard of the Miami girls trip curse? It's the idea that friend groups who
01:50vacation in Miami often don't make it back in one piece. And most of the time, the reason comes down to
01:56money. The latest ally study shows many young adults are trying to balance a social life while
02:02working toward big financial goals like buying a house. Allies head of consumer banking says it is
02:08possible to have both, but it takes planning. Sometimes the best way to keep your finances and
02:14friendships intact is to channel your joey and just be honest. We don't have as much money as you.
02:20With Straight Arrow News, I'm Kennedy Felton. Download our app or visit san.com for more.
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