Young Americans say friendship is too expensive; nearly half skip events due to costs: study

As prices on everyday items stay stubbornly high, the thought of budgeting for going out with friends feels less and less important to some.

A survey conducted by Ally Financial found that most adults do budget for social spending, but it’s impacting their goals for other financial milestones like paying off student loans or buying a home.

Friendship costs money

By the numbers:

Reasons why people spend money on social outings:

FOMO (fear of missing out): Nearly 25% of the 1,000 consumers surveyed

What they're saying:

"FOMO is real and can lead to overspending that harms our financial well-being," said Jack Howard, Head of Money Wellness at Ally. "Be open with your friends if you can't swing that brunch or birthday trip. You might be surprised to learn they're in the same boat. Discu