A new study by LendingTree.com revealed that 37% of drinkers say they plan to reduce or cease their alcohol intake in 2024.

The study said that Generation Z members surveyed, of which 47% say they drink, lead the way in this trend toward drinking less — over half (53%) say they will cut back or quit drinking entirely this year.

In addition, nearly half of millennials (47%) and parents with young children (45%) who participated in the study say they will cease drinking or at least cut back in 2024.

In all, 58% of Americans drink alcohol. The most likely to drink are those who earn six-figure salaries (71%), those who earn $75,000 to $99,999 annually (68%) and parents with young children (66%), the study found.

As for the generations, the study also showed 58% of Gen Xers ages 44 to 59 drink, 53% of Baby Boomers ages 60 to 78 drink and 47% of Gen Zers ages 18 to 27 reported using alcohol. In addition, men (61%) are more likely to become drinkers than women (54%). Finally, 16% of Americans used to drink but stopped.

As for why participants in the study say they want to stop or cut back on their drinking habits, 64% cited their physical health as the reason – the most prevalent reason in the study. The next most frequent reason given were finances (41%) and mental health (37%). Other common reasons include lack of interest (23%), family reasons (21%), religious reasons (10%) and legal reasons (5%).

LendingTree.com’s chief credit analyst Matt Schulz found it unsurprising that finances would be a major factor to quit or cut back on drinking.

“The economy plays at least a small role in this,” he said in the report. “Alcohol tends to be pretty expensive. When inflation rises and interest rates spike, there may not be as much room in the budget for booze. It’s not just about the price tag with alcohol, though. Being unhealthy can be expensive, too, and cutting back or quitting alcohol can be a significant step toward improved health.”

Additionally, 45% of those surveyed said they’ve regretted overspending on alcohol and/or partying. Meanwhile, 17% said they’d gone into debt from buying alcohol and/or partying. Gen Zers struggle the most with alcohol spending.