▲

Millennials have quite the scandalous reputation, known as the narcissistic, immature, industry-killing generation, and blamed for ill-advised spending habits that are bankrupting businesses. But behind all the quirks and avocados lies a starkly different truth to this generation.

Check out the top things people think millennials are wasting their money on, and where research shows their money is actually going, as gathered by Slice.

▲They include but are not limited to: casual dining, breakfast cereal, home ownership, department stores, cable TV, and golf.

▲A few journalists have spread the idea that the reason millennials can’t afford to buy a house is because they're spending their money on avocado toast.

▲Many millennials can’t afford to put a down-payment on a house for various other reasons, like the poor state of the economy, but they still must live somewhere, and they're largely renting.

▲The rise of convenience coincided with the rise of millennials, so it's understandable why one might relate the two.

▲Instead, millennial spending appears to lean towards supporting small businesses. They're reportedly more willing to buy local, to do research on products, and to invest in things with human stories.

▲While born from a very real concern about social media's role in our lives, this claim is still far from true.

▲The truth is that while many influencers are millennials, not that many millennials are influencers. The generation is the most highly educated, and with that comes a high (and still rising) price.

▲

Though craft brews are extremely popular among this generation, millennials aren't as interested in booze and cigarettes as previous generations.

▲

Though they're certainly interested in booze, they're equally interested in healthy, holistic, and clean living.

▲This is another easy stereotype to believe, what with companies like Apple constantly putting out new products.

▲Of course, millennials spend money on electronics, but various surveys and studies have shown that they favor experiences over things.

▲Many people think millennials killed car ownership with the rise of ridesharing apps.

▲A 2019 working paper by the National Bureau of Economic Research considered external factors (like where millennials are living) and determined that those born between 1980 and 1984 are just as likely to own cars as the previous generation.

▲Millennials are more likely to spend money eating out than Gen X or Baby Boomers, but they're not eating at fancy Michelin-starred restaurants.

▲Historically, the amount of money people spend on food decreases as they get older, so millennials are actually spending a very normal amount on dining out.

▲Millennials spend on average about US$1000 less annually on "entertainment," which includes things like pets, hobbies, tickets, and admission fees, compared to boomers.

▲Getting a babysitter is expensive, and millennials with children are estimated to spend more than US$10,000 a year on childcare.

▲The rise of fast fashion brands has been tied to millennials' increase in spending on clothing, but there's a different way they're spending that money.

▲Millennials are more minimalist and environmentally minded than previous generations, and instead of buying cheap, they look for quality and sustainably produced clothing.

▲

Australian property developer Tim Gurner famously called out millennials for fiscal irresponsibility, saying if they didn't spend so much on expensive coffee they could put a down-payment on a house.

▲It’s estimated that more than a third of millennials have a financial plan, putting aside on average 12% of their earnings for retirement.

▲

Despite the common criticism that millennials don’t save, research claims the opposite, but they have different goals than previous generations.

▲Millennials are mostly saving for emergency funds, financial freedom, and/or travelling.

▲

Spending across fashion and food is on the rise, and since millennials are demanding better quality and sustainability, companies are changing. Those that don’t keep up are dying.

▲That’s why there is a surge in local, organic food, more vegetarian and vegan options, and more ethical clothing brands. These cost more, however, so millennials are trying to buy less, buy better, buy authentic if they can.

▲Smartphones have become an essential tool of life in many parts of the world, and they’re not cheap, but millennials aren't afraid to spend a little more for the best.

▲

Hair and beauty products have also seen an increase, among both men and women, the latter of whom reportedly spend over $500 a year on products.

▲Streaming services have taken over the entertainment industries like film, TV, and music, which have become essential to the millennial who desires to stay plugged in to pop culture.

▲

Then again, there are a lot of things that would surprise them too. Check out these things Gen Z will never understand.

Stereotype vs reality: How millennials actually spend their money

It's not all avocados and apps

17/10/19 por StarsInsider

LIFESTYLE Money

Check out the top things people think millennials are wasting their money on, and where research shows their money is actually going, as gathered by Slice.