"Two-thirds of Americans have skipped at least one social commitment in the past two years because they just can't afford it, according to a new survey from the CFP Board shared with Fortune. The events they're missing out on aren't always luxuries. They're birthday dinners, concerts, holiday gatherings, as well as group vacations and weddings."
"Of those who declined invitations, 56% never told their friends or family that money was the reason why they couldn't attend, according to the report. CFP Board, the professional body for personal financial planners, surveyed more than 1,100 Americans aged 25 to 64 in January for the study."
"The silence is telling, and it's only making Americans lonelier and anxious about sharing their financial status with friends and family. 'Lately I've been turning down invites to hang out because I just can't afford it, and it's starting to make me feel guilty,' a Reddit user posted."
A CFP Board survey of over 1,100 Americans reveals that two-thirds have declined social commitments in the past two years due to financial limitations. These events range from birthday dinners and concerts to weddings and vacations. The significant finding is that 56% of those who declined invitations never disclosed money as the reason, instead making excuses. This widespread silence contributes to increased loneliness and anxiety about financial status. The phenomenon is so common that personal finance creators now provide guides on politely declining invitations. Financial advisors and influencers encourage people to acknowledge that declining social events is acceptable and necessary for financial health.
Read at Fortune
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