millennials spending money

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.

Happy spending!

millennial spending infographic

About The Author

The Savvy Savers The Savvy Savers is the new team of top-notch budget-aficionados behind The Daily Doze. Experts in how you can stretch your dollar the furthest, these savings-gurus search far and wide to identify the best steals and deals to help you get what you want at unbeatable prices. Upgrading your home can be daunting – whether that’s crafting a DIY headboard, or buying all new bedroom furniture. But don’t let it intimidate you. The Savvy Savers are here to break down where your budget should go, and how you can stretch it further, no matter what the project. From simple DIY projects to where to find the best holiday savings, The Savvy Savers will help you get the most value out of every project.

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