First of all, this isn't a bashing thread, so please don't take it as that. I recently spoke with one of my friends who worked in investment banking and one thing he said was that he was surprised how hard it was for him to save money despite him earning a great salary for a 22-23 year old. Not only is NYC an expensive metro to live in and a lot of money gets spent on taxes, rent, food, transportation (even the subway tickets are somewhat expensive he says), etc. but also, the culture of investment banking, in a way, made it hard for him to save money.
For example, he said that there were many occasions where he went out with his banker friends/coworkers and spent a ton of money at bars on drinks, etc. or going to expensive shows, etc., which ended up putting a decent dent in his bank account. Of course he can resist this to some extent, but he also said that at some point, he felt compelled to give in because otherwise he'd lose out on networking opportunities, and also not be as close to his coworkers, which would make it harder to move up or get into PE/HFs.
My question is whether or not issues like this are common in IB/Consulting or other front-office/high-finance careers? Are there a lot of bankers who end up not having a lot in savings because they spend a lot or is this experience that my friend had atypical and more dependent on the culture of the group than finance as a whole? As an outsider, I know there is some tendency toward alifestyle in IB, but I also thought that that stereotype was exaggerated given the hours bankers put in, so I'm just curious about this.