Purposeful Spending or Just Wasting It?
What do you waste your money on?
It turns out your answer may depend in large part on your generation.
Professional resources site Hloom surveyed 2000 Americans for its report The United States of Financial Waste. Across the board, all generations from Baby Boomers to Millennials mentioned “eating out” and “letting food expire” in the top three most common responses.
However, those beliefs of what constitute wasteful spending are markedly different.
For example, almost 28% of Millennials responded that they “wasted” money on alcoholic beverages, while only 13% of Baby Boomers said so.
The survey didn’t reveal whether baby boomers actually drink less, or just don’t consider drinking to be an unwise use of their discretionary funds!
So take a look at the various categories and how they differ generation by generation.
Interesting how some categories don’t show up in all three groups. Cigarettes being one of them.
And I think it’s more than just the definition of “wasteful” for each generation. I think it also reflects the differing priorities we all place on things generation by generation.
So, when you look at the categories and percentages of each generation, do you see yourself fitting better by your age or by your prioritization of the categories that constitute being money wasters?