After older and younger Gen Xers, they spend the most on eating out and clothing. On a daily basis, millennials spend more overall than every other group, but they don’t spend the most or least in any one category. Related: Gen Z Is Heading Into the Workforce - And That’s a Good Thing for Everyone Average American Spending per Day: 25-34 Years Old (Millennials) Average Daily Spending by Americans 25-34 Years Old Gen Z men are more interested in spending money on products - such as technology, electronics, jewelry and clothes - than their female counterparts who are more interested in spending money on experiences, such as attending concerts, going to the movies or eating out with friends, according to the State of Gen Z National Research Study 2017 from the Center for Generational Kinetics. Although Gen Z puts the second most toward education spending - right after Older Gen Xers who are ages 45-54 - they spend less overall on gasoline, cellphone service and clothing than every other age group aside from older baby boomers. Gen Z also outlays the least amount on vehicle insurance and pet spending, followed by millennials - ages 25-34 - in both spending categories.Ĭlick to See: How Do You Stack Up to the Average Income in Your State? Average American Spending per Day: Under 25 Years Old (Gen Zers) Average Daily Spending by Americans Under 25Īmericans under 25 years old spend the least in every category except for education, gasoline, cellphone service, and clothing. Gen Zers - those under the age of 25 - spend the least amount on alcohol, followed by older baby boomers.
Here is the breakdown by spending category: Average Daily Spending by Americans of All AgesĪmericans spend the least amounts overall on alcohol, pets and vehicle insurance. Older baby boomers - those ages 65 and older - spend the most overall on health insurance. Younger Gen Xers - ages 35-44 - spend the most out of all the groups on housing and groceries, whereas older Gen Xers - ages 45-54 - spend the most on utilities. So, how much does the average American spend on a daily basis in different categories? Overall, Americans spend the most on housing, followed by groceries, utilities, and health insurance. Keep reading to find out where you stand within your age group and whether or not you’re guilty of bad spending habits that can bust your budget.Ĭlick to See: How Do Your Finances Measure Up to the Typical American’s? Average American Spending per Day: All Ages GOBankingRates analyzed annual expenditure data from the Bureau of Labor Statistics in 15 categories covering both necessary and discretionary spending to find out how much the average American in each age generation spends in a day. But one question you might ask yourself at every step of the way is, “How much does the average American spend per day - and where do I stack up?”
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Finally, when you’re retired, you’ll want to pay off any remaining debt and free up money for necessary expenses that might arise. When you’re earning a decent salary from your career, funnel as much money as possible toward paying down mortgage debt and maximizing your retirement accounts. When you’re first starting out, you’ll want to build a solid financial foundation, not one rife with debt.
You should always know where your money is going, so you can adhere to your budget. Whether you’re just starting to build your financial life, you’re past retirement or you’re anywhere in between, it’s vital to track your spending habits. Here’s How Much the Average American Spends in a Day - How Do You Measure Up?
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