Millennials are unique in many ways. One of these ways has something to do with how they spend money. Why there are a few millennials who do not stick with the norm, most prefer to invest their money into different forms of entertainment, which is much unlike their parents. Is it all about being entertained for the millennials? The experts seem to think so. Below, you will discover a list of 4 ways millennials spend money differently.
From Paycheck To Paycheck
Millennials, in general, tend to live from paycheck to paycheck. People from earlier generations focused more on saving than spending. For millennials, it is all about wanting for nothing. Some of these young people have nothing as far as a savings account goes. And, have no plans to put money away for their future. According to research, only a few of the millennials have a savings account with less than $1,000.
Spend Money Freely
Many young people do not give much thought to how much they spend for a cup of coffee or la atte. They will not hesitate to pay $4.50 on a Caffe Mocha or Cinnamon Dolce Latte at Starbucks. A report released by Charles Schwab in 2017 revealed that 70 percent of millennials splurge on eating out. These individuals will spend up to $20 for an appetizer and two entrees at a fast-food restaurant. It is not unusual for millennials to spend their last dollar on takeout.
Its All About Entertainment
For most millennials, it is all about being entertained. Young people invest a lot of money into many forms of entertainment. The most popular forms of entertainment for millennials are online gaming at websites, such as Ufabet, music/movie streaming services, clubbing, playing and watching sports, concerts, hobbies, and shopping.
Young people are afraid of being bored. They want to spend as much time as needed to avoid boredom. While young females tend to enjoy shopping more than males, they both invest a lot of money in name-brand attire and accessories. A recent study showed that young people who were born between 1982-1996 spend $600 billion each year.
Riding In Style
In the past, the dream for teenagers was to own a vehicle. Today, many young people do not focus all of their attention on buying a car but they still want to ride ins style. Millennials spend more money on private and public transportation services, such as taxi cabs, Lyft, and Uber. The average cost to utilize Uber is $25,73, which is slightly lower than what you would pay for a Taxi.
Most millennials who do not own a vehicle will participate in ride-sharing services. But, they still will not hesitate to pay for a car-for-hire service. Getting from point A to point B safely and quickly is important for millennials.
For millennials, entertainment, looking stylish, and being part of the in-crowd is extremely important. The spending ways of young people are continuously changing. The behavior of free-spending is concerning to some experts. If millennials are not interested in saving money what will become of future generations?