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New research commissioned by Creditspring finds that 91% of Gen Z adults say summer social occasions have put pressure on their finances. Almost half of young adults aged 18-24 (45%) say they have gone along with plans they could not really afford.
It is not always one big holiday or festival ticket. More often, it is the cumulative cost of being social: dinner, drinks, birthdays, travel, gifts, weekends away and the last-minute plan that feels too awkward to turn down.
Financial pressure: 91% of Gen Z adults say at least one summer social occasion has put pressure on their finances.
Plans beyond their means: 45% of 18-24-year-olds have gone along with plans they could not really afford with FOMO playing a role.
Income does not cover it: 68% of Gen Z adults are not using their regular monthly income from work to pay for social events.
For young adults, the cost is not confined to a single headline event. It is the repeat spending that can make summer plans hard to manage.
Meals out: 37% say these put the greatest pressure on their finances.
Birthdays: 30% cite the cost of celebrations and gifts.
Nights out: 29% feel the impact of drinks, transport and last-minute extras.
Holidays: 26% say trips away are difficult to afford.
Festivals: 15% name tickets and associated costs as a source of strain.
When plans feel unaffordable, many young adults are making difficult trade-offs to stay involved.
25% have taken on extra work or shifts to afford social plans.
23% have cut spending on food or groceries.
22% have sold personal belongings.
18% have skipped meals.
More than a third of young adults (36%) say they have borrowed money or used credit so they could join in followed by 84% of Gen Z adults admitting they regretted at least one aspect of their spending last summer.
Tamsin Powell, Consumer Finance Expert at Creditspring, says: “Summer can create a perfect storm for social spending. Plans often come in quickly, costs build up before people have had time to budget, and saying ‘I can’t afford it’ can feel harder than finding the money somehow. Planning ahead for the things you want to do, understanding the full cost before you commit and being honest about what you can afford can help people stay in control. A good friend would rather hear that you need a lower-cost plan than see you quietly take on debt to keep up.”
Work out what you can comfortably spend once essentials, savings and existing commitments are covered. Treat that figure as a boundary, not a target to stretch.
Try: “I’m keeping costs low this month, but I’d still love to see everyone. Could we do something cheaper instead?” Offering an alternative makes it easier to be honest without opting out completely.
Travel, food, drinks, taxis, outfits and last-minute extras can quickly turn an affordable plan into an expensive one. Cost the whole event before committing.
Credit can have a place when it is planned and affordable, but it should not be the default response to social pressure. Understand the full cost and repayments before you borrow.
If you are regularly relying on credit, an overdraft or Buy Now, Pay Later for everyday social plans, pause before adding more. It may be a sign that the spending has become unsustainable.
Being open about what you can afford is not letting people down. The people who matter will understand a lower-cost plan, a postponed trip or an honest “not this time.”
Summer plans should not leave people choosing between staying connected and staying financially secure.
A more honest conversation about money can help take the pressure out of socialising. Plan ahead, understand the full cost, set limits that work for you - and remember that a good friendship should never depend on what you can afford to spend.
