Have you ever felt that maintaining friendships costs more—and emotionally exhausts you more—than it ever did before? If you’re Gen Z or a Millennial, you’re not alone. The nature of how young adults feel friendship, connection, and happiness is being redefined by a combination of economic pressure, social expectation, and incessant exposure to social media.
This group faces life challenges that older folk did not. Costs are way up, money buys less, and jobs are iffy. So, many young folks face tough choices — staying at home longer, not buying a house soon, or even thinking about whether they should start a family. They spend more of their pay on homes than older groups did, making it hard for them to reach old life goals.
But the tough times don’t stop there. Even fun times with friends need a budget now. Gen Z and Millennials spend about $250 a month on just hanging out. Nights out, dinners out, and having friends over can add up fast. Only a few manage a tight budget for fun. This leads to spending too much, then feeling bad or worried, and having to choose between friends and money safety.
This money struggle often hurts friendships. Nearly one in five young folks say money or different ways of life have broken a friendship. The fear of missing out is real—but so is the fear of being honest about money. Saying no to an invite because of money can mean being left out or even losing a friend. One girl shared that when she couldn’t afford to go to a bachelorette party, she was left out of the wedding. It shows how mixed up money and friends are.
Sites such as Instagram, TikTok, and Snapchat are where friendships breathe and exist nowadays—but they’re also where anxiety and comparison flourish. Approximately 35% of teens and young adults report that they’re online virtually all the time, and over half confess that they can’t seem to log off. Social media can positively offer connection, creativity, and belonging, particularly for those who feel disconnected in real life. But it also creates FOMO, body image issues, and the stress of keeping up appearances—socially and monetarily.
The cost to mental health is difficult to deny. Young adults say they feel less optimistic and less content with life than they did a few years ago. Among 15- to 29-year-old Canadians, hopefulness declined by roughly 15 percentage points between 2016 and 2022. Loneliness is more prevalent in this age range than among older Canadians, and fewer young people report belonging in their local communities.
Most young adults report that they still have someone they can count on, and they’re getting resourceful about keeping in touch without overpaying—such as taking walks, attending free events, or being clear with friends about financial boundaries. And as for social media, being more thoughtful—editing your feed, stepping away, and prioritizing face-to-face connection—can restore balance.
Each dinner reservation, Instagram post, or group text has expectations that both drain your wallet and your psyche. But by recognizing the forces at play—financial, social, and digital—young people can make room for healthier boundaries, safeguard their mental health, and cultivate the friendships that truly are important.