Gen Z Plans to Go Into Debt Over Football Season

Generation Z is likely going to go into debt this football season, according to a new survey from LendingTree.
In LendingTree’s “2024 Football Spending Report” that was published on Tuesday, 48 percent of Americans who plan to spend money on football as fans of the sport said it might lead them to debt. This was prevalent among a whopping 62 percent of Gen Z, the group born between 1997 and 2012.
All-in-all, Americans planned to take on $576 in debt to make up for their football expenses.
Football remains a popular pastime among Americans, with LendingTree finding that 53 percent plan to spend money on the sport this fall. That includes money towards team merchandise (26 percent), tailgating and refreshments (23 percent) and the game tickets (19 percent).
“It’s absolutely incredible to see the continued hold the NFL and college football have on the wallets of millions of Americans, especially when you see other sports and forms of entertainment declining in revenue and attendance for live events,” Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek.
He added: “For many Americans, football isn’t just an event, but a way of life every fall. Going to games normally far exceeds the cost of just a ticket, as everything from food to outfits make Saturdays and Sundays into a blitz of spending we typically see reserved only for major holidays.”
Gen Z might be at a particular risk of going into debt over football because of the larger financial landscape they’re up against.
A recent report from The Wall Street Journal found that Gen Z was accumulating debt faster than any other generation.
Meanwhile, the New York Fed recently said Gen Z was also the most behind on their debt payments (for more than 90 days) as well as more delinquent on their debt bills than they’ve been in three years.
This is likely due to a larger cost of living crisis, with the price of higher education and purchasing a home at record highs.
Student loans, economic instability and low starting salaries have all played a role in Gen Z’s current debt crisis, and football season is just adding to their accumulating debt, experts say.
“Gen Z generation faces unique financial pressures—sky-high housing costs, lingering student loan debt, and the psychological toll of the COVID pandemic,” Michael Ryan, a finance expert and the founder of michaelryanmoney.com, told Newsweek. “Football has been a much-needed escape, with its excitement and social connection.”
Still, the NFL’s now year-round presence also is a major factor in the increased spending as well, with fantasy leagues, sports betting apps and social media all contributing to the fan frenzy.
“For Gen Z, who’ve grown up in a digital-first world, FOMO [fear of missing out] is real and powerful,” Ryan said. “A few hundred dollars might not seem like much. But it adds up quickly.”
Ryan encouraged football fans to create a budget that aligns with their overall financial plan and prioritize experiences over material purchases.
It’s not just about the immediate cost. It’s about developing financial habits that prioritize short-term enjoyment over long-term stability.
“Being a die-hard fan doesn’t have to mean dying financially,” Ryan said. “With some smart planning, you can enjoy football season without jeopardizing your financial future.”
Beene echoed this statement, saying it’s never a good idea to go into debt for entertainment.
“I’ve heard every excuse, from ‘it’s a once-in-a-lifetime experience’ to ‘I have to because all my friends are,'” he said. “In our current economic landscape, every dollar counts, and you have to be smart in your spending.”