GOBankingRates recently released a new study that looks at the spending habits of Americans. So, how does the rest of America stack up when compared to your own habits? According to the report, we spend on average $164.55 per day. That seems like quite a bit of money. Yet, it’s spread out across all of our monthly bills.
The largest expenses that we spend the most on includes rent, food, health insurance, and utilities. Here’s how some of those numbers break down individually:
• Gas: $5.39 per day
• Food: $11.95 per day
• Dining out: $9.22 per day
• Health Insurance: $9.35 per day
How Much Will Each Age Group Spend?
What’s even more interesting about these numbers is how much each age group spends. The data was analyzed from the Bureau of Labor Statistics. GOBankingRates looked at each age group across 15 different categories. Here’s a breakdown on how much each generation spends each day:
25 and Under (Generation Z)
It’s not surprising that Gen Z will spend less money than every other generation. We don’t expect that 25-year-olds have access to too much money yet. The older end of the spectrum is just now graduating college. This is true in nearly every category, except a few. Education, cellphone service, clothing, and gasoline.
The amount Gen Z will pay per day is around $92.13. Of course, the younger generation is more focused on buying the most expensive of everything. That’s why they spend more on their phones and clothing. Gen Z’s most expensive spend is on housing, at about $20.69 per day.
When we get into the millennial generation, they spend the most out of every group. Their daily expenditures average $208.77 per day, more than double Gen Z. Housing is once again the largest at $34.78. They spend $10.89 on groceries $7.24 on entertainment and $5.59 on clothing.
This is also expected. This age group is nearing middle age. They also have the highest amounts of student loan debt and are starting their families. They’re buying houses for the first time, have car loans, and so much more.
35-44 (Generation X)
This age group will spend a little less than millennials at $189.13 per day. They spend more on housing than millennials ($39.16) and groceries ($14.05). Again, this is expected. This age group has more established families and more mouths to feed. They do spend more on entertainment than millennials at $10.96. They also spend around $3 per day on pets.
55 and Older (Older and Younger Baby Boomers)
This group can be split into two sections: the older and younger baby boomers. The older group spends around $40 less per day than the younger group. It really depends on which group is retired and which still has kids at home. A lot of people in the older group sell their home and retire someplace warm.
They have a smaller home with fewer expenses. But the younger baby boomers still might work and live in the family home. They might still have a kid or two living with them. With the older group, they ended up paying way more for health insurance than any other group at $12.91. To counter that, they spend way less on other amenities, like clothes, gas, cellphones, and more.