This Is How Millennials Are Actually Spending Money

Sabrina Paparella
PHOTO:

Badlands

Millennials: the group that made a verb out of being an adult, got dubbed the “me” generation by Time, and weathered accusations of overspending on avocado toast. How much of this reputation is deserved—and what are millennials spending their money on, really? To start, millennials are defined as the generation born between 1981 and 1998, who came of age during the new millennium. They are one of the most diverse generations racially, ethnically, and in regard to lifestyle, including their views on marriage and religion. Millennials follow distinct patterns that define their generational profile. Like for any age group, economic and current events play a crucial role in molding their behavioral patterns, and millennials’ spending habits are unique to the social and economic atmosphere they’ve emerged into. It’s worth noting that this is a young generation that’s still coming into their own financial independence, and as the younger end of millennials settle into adulthood, these patterns may change. Keep reading to learn four distinct ways millennials are spending their money and how they’re distinguishing themselves from the habits of their parents.

Up next, keep reading to learn about the 50/30/20 budget, an easy way track your own spending habits and save.

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