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Kelly Rissman
US News Reporter
Gen-Z is willing to pay more for wedding gifts than older generations.
According to a report from Empower, Gen Z-ers - born between 1997 and 2012 - admitted to spending an average of $275 on wedding gifts, unlike their baby boomers counterparts spending an average of $98 per gift. Millennials and Gen X reported an average of $238 and $149, respectively, with the overall average of guests saying they would spend $174.95 on gifts.
The younger the person, the more likely they will spend more on wedding gifts. Experts have chalked this up to older generations growing up at a time when $100 was deemed a significant amount for a gift. Skyrocketing prices thanks to inflation have skewed Gen-Z’s perception of what is and isn’t too much.
“Boomers still remember when $100 was a generous gift, while Gen Z is more present in the current inflationary pricing and understand $100 barely covers your open bar at the reception,” Drew Powers - founder of Illinois-based Powers Financial Group - explained to Newsweek that this reflected the younger generation has grown up in. “Perhaps Gen Z sees the wedding gift as a natural extension of the wedding experience, and are therefore willing to spend more.”
According to a June report from Experian, 63 percent of Gen Z would rather spend money on “life experiences” like travel and concerts. They are prioritizing investments that enhance connection rather than material wealth. Researchers have theorized that it’s evidence of the growing disillusionment and acceptance of the idea that they will never be able to afford a house.
“[Gen Z-ers] believe my generation — the Baby Boomers — have focused on their own financial well-being to the detriment of who comes next. And in the case of retirement, they’re right,” BlackRock chief executive Larry Fink wrote in his annual letter.
An Intuit survey reported that 73 percent of Gen Z-ers feel as though the current economic climate has set them up to fail, making it challenging to save money. Their struggles with increased housing costs, student loan debt, and rising prices on everyday purchases like groceries have compounded with stagnated wages, worsening their overall financial outlook.
Financial expert Haley Sacks - also known as Mrs. Dow Jones online - explained to The Times Union that younger generations have begun to define the American Dream on their own terms.
“With the changing tides and the world that we’ve inherited, the financial education needs to change, too,” Sacks said. “It’s a completely different economy and world that we’ve inherited.”
