How do millennials spend their money?
Depending on your age, this latest survey might explain why you feel like either you’re among your peers — or that the world has suddenly become younger — when you go out.
Those financially aware millennials, turns out, are doing their part to sustain bars and restaurants.
The latest Bankrate/Cashlorette survey for June 2017 shows more than half of millennials are eating out at least three times a week, compared with 33 percent of Generation Xers, 32 percent of baby boomers and 25 percent of the silent generation.
“In addition, 42 percent of all millennials and 51 percent between the ages of 21 and 26 typically go to a bar at least once a week, versus 24 percent of Gen Xers, 19 percent of baby boomers and 11 percent of the silent generation,” according to the survey.
So, beyond the news that the silent generation — roughly those born between 1929 and 1945 — is still out on the town, the survey also reflects the propensity of Gen Xers and boomers to stay at home.
In November, the U.S. Department of Labor looked at spending by generations, and noted that when Gen Xers do go out to eat, while maybe not as frequent, they’re spending on average $3,864 a year a household, compared with millennials spending $2,891 annually per household.
Gen Xers also spend more on food at home: $4,882 annually per household vs. $3,264 for millennials.
Perhaps those results are skewed by parents buying meals for the millennial kids.
That same survey also noted that while Gen Xers spend the most money overall of all the current generations, millennials spend the largest share of their budget (more than 6 percent) eating out.