Millennials are becoming more and more important to the U.S economy and previous generations are looking at Millennials spending habits. These generations often think that Millennials have bad financial habits but in reality, Millennials are dealt a bad financial situation that consists of large student loan balances and ever-rising living costs.
Millennials are actually using more coupons for their purchases than Baby Boomers and Generation Xers. Millennials carry more student loans than previous generations and housing costs are the highest for this generation than previous generations. Millennials also rather spend more money on experiences than things.
This shows that Millennials are spending their money wisely. On the other hand, Millennials are not so great at saving for retirement. The fact is that forty-nine percent of millennials do not have a retirement fund.
Check out this awesome infographic showing surprising Millennial statistics. Millennials are a big factor in the U.S economy and we have to pay attention to their spending habits.