Millennial Spending Uncovered: What Millennials Spend Their Money On
According to a recent survey conducted by Mattress Firm, millennials report that the number one sign of being an adult is having a steady job.
Other activities that classify you as an adult include washing your sheets, going to the grocery store and getting to bed before 11 p.m. Do you do these activities on a regular basis? If so, you're officially grown up, according to millennials!
Although millennials make up a large portion of the job market, most are stereotyped as being bad with money, blowing their paycheck on food and drink as soon as it hits their bank account.
But are millennials really financially irresponsible? Results from Mattress Firms's study on millennial spending habits begs to differ. Here's why:
Millennials Spend Less and Save More
A major part of "adulting" is gaining control of your finances, and millennials proved cautious when it comes to spending. Most millennials identify a "big purchase" in the $500 - $2,500 range, and insist that they won't make it haphazardly.
Before committing to a purchase of that size, the average millennial will do almost five hours of research and get input from two other people before buying.
In addition to thinking smart about big purchases, 63% of millennials dedicate their spending for necessities, including rent, food, utilities and other general expenses. In fact, nearly half of millennials are currently saving for retirement, dedicating a portion of their paychecks for later in life.
Millennials are Sale Searchers and Saturday Savers
But that doesn't mean they're flowing with riches either.
For purchases outside of their standard expenses, almost two-thirds of millennials are more likely to wait and buy something later if they can get it at a discounted price. Sales and deals are big shopping incentives for millennials, as they prefer not to pay full-price.
Maybe most surprising of all, 69% of millennials will actually turn down social events with friends for financial reasons.
Believe it or not, most millennials seem to have the whole "adulting" thing down.