Comparing the spending habits of every generation

There are a lot of preconceived notions and stereotypes around the spending habits of each generation. Many of us are barely getting by from payday to payday, it can be hard to justify spending any extra money.

But it can be easy to point the finger at other generations and judge their spending habits.

Boomers and Millennials often have a lot to say about each other’s habits. Swiftmoney has done an interesting study, revealing some surprising facts about each generation.

For some reason, Millennials have a bad reputation as being bad at handling their money. This may be because the tough home ownership statistics and focus on enjoying life has caused them to be seen as an irresponsible generation.

It turns out that 82% of those aged between 18 and 24 would say no to a night out if they were low on money. Compare that to the 35-44 year olds, who would be more likely to use their overdraft if they would be having drinks with their friends.

While you may not be surprised to learn that people over 54 are the least likely to have debt, you may be interested in the fact that they’re followed by the 18 to 24 age group.

When asked about why they’re saving money, all age groups said that it’s about safeguarding their future. That means paying into pensions, and keeping money set aside for any emergencies or unexpected bills. The next common reason was to save for fun experiences like festivals or holidays.

Interestingly, 82% of the people surveyed named boomers (those 54+) as the people who would be either “quite responsible” or “very responsible” with their finances. However when we look at the statistics, these tell a very different tale.

It turns out that this age group is the most likely to dip into their emergency money or overdraft for a night out or a meal. Not all that responsible are they?

It just goes to show that we all manage our money in different ways. Instead of defining each generation by our preconceived ideas of how they look after their money, it makes sense to simply be more transparent with our money habits and struggles. So many of us are just trying to keep our heads above water financially, and it can be hard to look at our bank balances and assume that everyone else has it all together.

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What do you think of the above statistics? Do you find them surprising? As a millennial, I find it interesting to learn that we’re really not doing all that bad as a generation. Leave a comment below with your thoughts.

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