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Key Takeaways
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More than half of Gen Zers say they’ve overspent to appear more financially successful.
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For some, dating is a key driver—almost 17% say they’ve taken on debt or hurt their credit score to buy a gift for a partner.
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Financial insecurity may play a role, with many feeling a higher credit score would make them more attractive to a potential partner.
Why is someone you know posing on Instagram with a sports car or a designer handbag? Are they really earning that much more than you?
Probably not. Many Gen Z respondents to a recent Credit One Bank survey say they’re willing to fake their finances to land dates and boost their social credibility.
A Surprising Share of Gen Z Admits to Stretching the Truth on Money
About one-third of Gen Zers (34%) say they regularly exaggerate their income, job title, or financial situation, according to Credit One Bank’s ‘The Social Status of Credit: How Millennials & Gen Z View Credit Scores’ survey. Another 17% say they’ve done it once or twice.
At the same time, 59% say they’ve overspent to appear more financially successful in dating, on social media, or in social situations, and 39% say they do so regularly.
Still, not everyone is playing along—49% say they’ve never misrepresented their finances.
So what’s driving the pressure to exaggerate what’s in their bank accounts? Often, it comes down to dating.
Some Gen Zers Say They’d Go Into Debt to Impress a Date
A significant share of Gen Z is willing to take on debt to make a good impression. In fact, 37% say they would overdraft their account or go into debt to impress a date or significant other. Of that group, almost 20% say they’d cap it at $100.
Others say they’ve already crossed that line. Roughly 17% report taking on debt or hurting their credit score to buy a lavish gift for a significant other, making it the most common reason respondents went into debt for gift-giving. By comparison, fewer than 7% said they had done this for a friend’s gift.
Whether all of that shows up in credit card balances is harder to measure. But Gen Z is carrying more credit card debt than millennials did at the same age. TransUnion data shows average balances for 22- to 24-year-olds rose from $2,248 in 2013 (adjusted for inflation) to $2,834 in 2023.
What’s Behind Gen Z’s Tendency to Fake Their Finances
Young Americans’ tendency to fake their finances may not be about superficiality as much as financial insecurity. Survey data suggests relatively few Gen Zers prioritize money as a dealbreaker in relationships.