Half of Gen Z spends $0 a month on dating thanks to a ‘romance recession'

Gen Z may be thinking seriously about their financial futures, but romance isn’t where their money is going.

Bank of America’s latest Better Money Habits survey found that more than half of Gen Z adults in the U.S. (53%) reported spending nothing on dating each month, while about a third said they keep costs under $100. The figures were nearly identical across men and women.

This cautious approach stems from a generation shaped by the 2008 financial crisis, the pandemic, and now high living costs. Many are prioritizing retirement savings and early investing over dinners out. “Instead of spending big on dating, Gen Z is being very intentional with their money,” said Ryan Viktorin of Fidelity Investments, noting that many opt for low-cost hangouts and frank conversations about money.

Still, while Gen Z has ambitious savings goals, reality is proving tougher. Bank of America found that more than half feel they don’t earn enough to achieve the lifestyle they want. Although 42% see retirement savings as a path to independence, just 25% contributed to such accounts in the past year. “Adulting has turned out to be more expensive and difficult than many planned for,” said BofA’s Will Smayda.

Economic strain is also dampening enthusiasm for casual dating more broadly. A LendingTree survey showed 65% of U.S. daters said inflation has affected their love lives, with many cutting back on dates or going out less. Viktorin said this has pushed Gen Z to “date with purpose,” shifting away from one-night stands or casual encounters.

That trend has made dating apps less popular with young people despite companies trying to adapt. Platforms like Hinge and Bumble have rolled out AI tools designed to improve engagement, from nudging users on better profile prompts to suggesting conversation starters and even photo selections. But so far, the younger generation appears more interested in financial security than swiping for love.