Millennials get a bad rap for a lot of things, but one thing that people can’t say about us is that we’re spending our cash all willy nilly. According to a recent study conducted by TD Bank, millennials are spending less than Generation X and the Baby Boomers.
Despite the fact that we dine out more and shop more than previous generations, we’re spending less during these outings and shopping excursions. Researchers found that millennials ate out 13 times per month in comparison to Generation X, who eats out eight times per month and Baby Boomers, who tend to dine out five times per month. Ironically, Millennials only spends $103 per month at restaurants, while Generation X spends $123, and Baby Boomers spend $139.
Of course, the results of this study can likely be explained by the fact that we probably have way less money at our disposal than Gen X and the Baby Boomers. However, we can definitely celebrate the fact that we’re using our credit cards less than our cohorts.
According to the survey, the average American “spends $4,700 per year with a credit card, and $2,400 with cash, a debit card and checks for discretionary purchases.” However, Millennials were found to use cash, debit cards, and checks more often and are reported to charge 22 percent less than the average consumer.
“Millennials used debit cards, cash and checks for 50 percent of their overall monthly spend, and credit for only 33 percent,” researchers explained.