Recently, I took a look at my own generation’s spending. I was able to vouch on many categories because of my experiences as a Gen Z.
For this article, I decided to ask ChatGPT what it thinks Millennials waste the most amount of money on and fact checked it’s answers. Here’s what it said:
1. Subscriptions
Millennials have quite literally been dubbed the “Subscription Generation” in past times. With an average of 5.5 subscriptions per person, it’s no shocker to hear that millennials also spend over $100 on average on subscription services.
Subscriptions can feel cheap individually. But when you have several $10 subscriptions per month, that can add up fast.
2. Convenience Spending
Similar to Gen Z, Millennials just really don’t like cooking at home.
And with the abundance of apps like UberEATS and Doordash, it’s easier than ever to get whatever you want delivered straight to your house. But just like gen z, millennials are overspending heavily in this category. A study by LendingTree found that Millennials actually spend the most per month compared to other generations, at about $575 a month. Or… $6,900 a year.
3. Overpriced Self Care Products
Millennials spend the most on wellness products — think machine guns, beauty treatments, etc- at about $115 per month. Don’t get me wrong, I love skincare and treating myself at times, but a lot of the treatments we see hyped up are simply exaggerated pseudoscience.
4. Traveling
Millennials travel more than any other generation, spending an average of 35 days a year traveling. Combined, they spend about $200 billion a year. Reportedly, it’s for the experiences.
Even solo travel is becoming a huge thing amongst millennials. More people are beginning to work abroad, becoming “digital nomads”. And while this lifestyle is very appealing, it can also be pretty draining on your finances.
5. Buy Now, Pay Later Services
Another similarity to their younger counterparts, Millennials are heavy on the Afterpay and Klarna. There’s not much to say about this apart from the fact that it is always a bad idea. You aren’t actually saving any money, your brain is just tricked into thinking that by the pay-in-four model.
If you don’t have the money to pay it in full, don’t buy it at all.
6. Home Goods
I think we can blame Pinterest for this one.
A lot of millennials are home owners- and a lot of them, are not. But regardless, I don’t think any of us can blame them for wanting a nice looking place to go home to. 86% of millennials want their homes to look “in order”. They spend on several categories in order to do so. Literally everything from rugs, to electronics and even patio furniture.
Now, the argument around whether or not ChatGPT is right on this can certainly be debated. But honestly, a lot of these seem “reasonable” in the sense that they can easily snowball from small purchases to high monthly costs. What do you think??
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