Millennials & Money

Let's talk about Millennials and money!

According to the latest U.S. Census Bureau report, the median millennial household pretax income was $71,566 in 2020. As for spending habits, Millennials are most likely to spend on conveniences, online shopping, dinning out, travel and other experiences, streaming services, and debt. Millennials are also motivated by social impact and are likely to donate to charities and buying from socially responsible brands. A Sunmark Credit Union study found that Millennials spend an average of $208.77 per day on these items.

Millennials also carry more debt than any other generation prior, most notably student loan debt. Their debt, the rising cost of housing, and inflation have impacted WHAT Millennials buy (not how much they spend necessarily). As a result, Millennials are less likely to spend on clothes, cars, housing, and saving for retirement.