Millennials spend more on gas, food and cell phones than older generations.
And it’s not all going to avocado toast and rose.
The study, which analyzed adults between 18 and 36 years old, revealed that Americans in the age bracket spend $2,300 more per year on groceries, gas, restaurants, and cell phone bills than those who are 37 and older. The study was carried out by Bankrate.com.
“Millennials aren’t all about going out to brunch every Sunday and jetting off to all these places,” said Bankrate.com credit card analyst Robin Saks Frankel, who went onto to claim that older millennials are surprisingly settling down and starting families at rates higher than most would expect.
“It’s mostly Millennials, particularly the older ones, who tend to be settling down and having families,” she continued.
In addition, millennials are much more likely to skip signing up for expensive cable television plans, opting instead to stream services like Netflix and Hulu via their Internet plans. However, Millennials offset these savings by spending more than older generations on smartphone bills.
“Millennials have this more active lifestyle. They’re at home less, they’re always on the go,” said David Weliver, founding editor of a personal finance website for young adults. He claims that young millennials without children travel more frequently and spend money on things such as gas for their vehicles.
“I’ve always noticed the spending on going-out related expenses. Gas would certainly fit into that, as well as spending on dining and going out to bars,” he said.
Weliver added that although older generations are more likely to spend money on travel and leisure, many millennials, both young and old, are focused on saving money for future vacations and trips.
Tom Ciccotta is a libertarian who writes about economics and higher education for Breitbart News. You can follow him on Twitter @tciccotta or email him at tciccotta@breitbart.com