Enough talk about millennials and their avocado-toast-buying ways — new data suggests every generation is at risk of spending too much cash on their grub.
A poll of 1,800 US adults found, across the board, 48% said their grocery costs are eating up the majority of their monthly budget, followed by utility bills (38%) and credit card debt (37%), according to Talker Research.
Younger Americans seem to be focused on their financial positioning for the future, as well. Thirty-eight percent Gen Zers are delegating the majority of their monthly budget towards loans, while 46% of millennials are likewise spending most of their money tackling credit card debt.
Meanwhile, 45% of Gen X is spending the most on groceries, 43% of baby boomers are paying the most on utility bills and 43% of the Silent generation are forking up the most for their rent and/or mortgages.
TOP 3 MONTHLY BUDGET SPENDS PER GENERATION
GEN Z
Groceries – 48%
Credit card debt – 41%
Rent – 39%
MILLENNIAL
Groceries – 55%
Credit card debt – 46%
Utilities – 44%
GEN X
Groceries – 45%
Rent/mortgage – 38%
Utilities – 38%
BABY BOOMER
Groceries – 47%
Utilities – 43%
Rent/mortgage – 31%
SILENT GENERATION
Groceries – 45%
Rent/mortgage – 43%
Loans – 39%
Survey methodology:
This random double-opt-in survey of 1,800 Americans with bank accounts was commissioned by UserTesting between March 3 and April 12, 2023. It was conducted by market research company OnePoll, whose team members are members of the Market Research Society and have corporate membership to the American Association for Public Opinion Research (AAPOR) and the European Society for Opinion and Marketing Research (ESOMAR).