It's no news that unlike Gen Xers and Baby Boomers, millennials are not spending their money on big ticket items such as homes and new cars. It's not that they don't want to, but due to student loans, rising expenses and lower salaries, many millennials simply can't afford them right now.
So what are millennials spending their money on? According to CNBC and a report by Charles Schwab, millennials are spending their money on comfort, convenience, and experiences, while worrying less about what's in their savings account.
Here's what we found millennials are spending their money on the most:
1. Ridesharing. Because millennials are not buying as many cars as previous generations, they are relying on the convenience of companies like Uber and Lyft to get them from place to place. More and more, millennials are ridesharing to avoid the hassle and expense of driving their own car and paying for gas.
2. Meal Kits and Delivery Services. You've heard of them all: HelloFresh, Blue Apron, Home Chef, Marley Spoon, etcetera. Meal kits have become the next fad in food, providing convenience and ease for those who are looking for an alternative solution to grocery shopping. Millennials also like to spend on takeout and delivery services like UberEATS and GrubHub, especially when they are busy or don't feel like doing the cooking themselves.
3. Concerts, Sports, or other events. Seventy-three percent of millennials admit to spending their money on concerts, sports, or other events, even when they don't have the money. Paying for these type of events is high on their list of priorities, so much so that millennials value the experiences more than possessions.
No matter how you choose to spend your money, we want you to have the tools and resources you need to reach your financial goals. Ask us about free financial counseling and checking account options that include benefits such as shopping discounts and cell phone protection. Contact us today!
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