Millennials spent their discretionary money on three things: Coffee, fast food, and alcohol. First of all who are the "Millennials"? According to the report by Level Money (a budgeting app), it's that group of people in the 18 to 35-year-old age range; they are formerly known as Generation Y. That's a pretty wide age range. Technically, you can have a parent and child in there and they would both be called Millennials. The two can enjoy their fast food together while the 18-year old pairs it with an iced coffee and the parent can enjoy a brewski.
Apparently, you are a Millennial if you were born at least 17 years before or at most 17 years after the turn of the century. The oldest in this group was born when personal computers became popular, barely knew that a nation called the Soviet Union existed, and listened to music on CDs or MP3 players. I can relate to this. My parents listened to 8-track tapes while I listened to music using a Walkman. Remember those?
The members of this group spend their money trying to wake up, rushing through lunch, then taking advantage of Happy Hour. They splurge on Starbucks, cheap out by eating a Happy Meal, then indulge again on cocktails. Nowhere on this report does it say that they save money for that rainy day that inevitably comes or that they save money for a goal such as buying their own place. Retirement is not even a blip on their thought horizon. I guess it shouldn't be a surprise to anyone. I don't think anyone in America is taught to be financially practical nowadays. I was brought up by lower-middle class parents who taught me and helped me to understand the value of a dollar. And even then it's hard for me to resist materialism. How much more so for people who don't have parents like mine?
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