A new study from Prudential Financial has found that millennials and members of Generation Z are failing to save their money for future events and are instead spending what savings they have on entertainment while not planning for the future.

This month, the Newark, N.J.-based firm released its latest Prudential “Pulse” survey, entitled “Generational Gap Grows: Work & Money Outlook Divided.” It examined the spending and savings habits of different generations and found a disturbing trend among the younger savers.

The survey questioned about 4,700 Americans, with about 2,000 being either millennials or members of Generation Z. It found that 55% of millennials believe their debt is preventing them from accomplishing their personal goals, while only 44% of adults overall feel that way. Meanwhile, 44% of millennials and Generation Z do not believe they will achieve the same financial goals as their parents.

The survey defines a millennial as a person born between 1981 and 1996 and a member of Generation Z as someone born between 1997 and 2012. Of those surveyed, 33% of millennials and 32% of Generation Z identified student loans as their largest debt burden.

“A lot of people that do have that debt are lacking that surplus that they can invest in,” said Brandon Goldstein, a certified financial planner at Prudential. “The debt might be holding people back from purchasing a home and maybe even getting money.”

While student loan debt was the biggest problem chosen by many of the respondents, it was not the only thing keeping young people from saving money.

“There are other costs,” Goldstein said. “It’s so easy to be influenced by social media and spend on traveling or a night in the city, [and] I’m seeing a lot of surpluses going toward these variable expenses.”

In addition, 27% of millennials and 32% of Generation Z said they have spent more money on so-called splurge items in the past year, while only 18% of Generation X and 12% of baby boomers did, the study found. Splurge items would include vacations, going out to dinner, or other such expenses.

The primary reason millennials and Generation Zers are having a difficult time managing their money is that they are not keeping a budget. Sixty-eight percent of millennials and members of Generation Z do not keep a budget and would prefer not to, according to the study. In fact, almost 40% said they would prefer going to the dentist over spending time coming up with a budget.

“Unless they bought a house and had to put together their expenses, a lot of people aren’t doing a budget,” Goldstein said.

This lack of planning means younger savers do not have a well-detailed financial plan, which is why they find themselves failing to save money and just spend it without any thoughts of the consequences, he added. As a result, they find themselves strapped for cash and have to turn to alternative options to make up the difference.

One of those alternatives is credit cards. The study found that almost half of millennials (49%) run out of money and turn to a credit card or their family. In fact, 46% of Gen Zers and 42% of millennials said they cannot maintain their lifestyle unless they get help from their parents or grandparents.

The problem with relying on a credit card, Goldstein said, is that it becomes harder to keep track of the money that comes and goes.

“That’s what makes it dangerous for millennials,” he said. “It’s so easy to pay the credit card … and you barely even see it because you know your bank account is being filled and you know you’ll pay it directly from the bank account [and] that’s why it’s important to put it down on paper.”

Goldstein urges all of his clients to use a budget because it is easier for people to see where their money is going and how they are spending it. He also suggested that people set up an automatic contribution into another savings account or an investment. 

“If you are not just seeing it come in, you might be less inclined to spend money doing something else,” he said.