There has been a lot of press regarding my generation, the millennials, and how we’re spending our money, and, in turn, ruining many, many things. Apparently, our obscure spending habits have killed the napkin industry, casual dining restaurants (give us a better experience, maybe?), and to top it off, we supposedly can’t afford a home because all of our money goes to avocado toast.
So, how are our spending habits different from those of the generations before us and when we look at the difference between men and women, how does our millennial money stack up in terms of debt and credit score? Let’s look at a couple different studies and see how they break down.
Charles Schwab just recently released a report detailing some of the differences between how millennials, Gen X, and the “boomers” are spending their money, and to be honest, the results are right around where I would expect them to be. Then again, I’m basing a lot of this on personal experience and watching how my older friends and family look at their expenses. Long story short, millennials like to spend more freely than the other two and we put a much higher priority (and price) on comfort and convenience.
To break it down a bit more, the report covers how all three generations spend money on many things that would be deemed “unnecessary” by people who don’t enjoy nice things and would prefer trivial things like a healthy savings account and saving money by making their own coffee.
Not extremely surprising, but, speaking of coffee, 60% of millennials surveyed spend more than $4 per cup of coffee, whereas only 40% of Gen X spend that amount, and only 29% of Boomers drop the big bucks on their morning coffee. When it comes to transportation services like taxis and Uber, a higher percentage of millennials once again utilize, and spend more, on these services than other generations, but that is most likely partially due to the fact that we can’t afford a car, but also because we prefer the convenience of the transportation method.
If you thought this article was just about dogging millennials and their spending habits, you would be mistaken, friend. Now that we understand some of the differences between our generations and others, let’s break some things down between the males and females of the millennial generation. The study, from LendingTree, an online lending exchange, revolved more around credit health, income, and debt between males and…