Want to know how different generations spent their money in 2023? There’s a government data source for that.
The Bureau of Labor Statistics recently released data from the annual Consumer Expenditure Survey, and here are some of the insights from the Silent Generation to Gen Z.
Average incomes change throughout our lives — increasing as we get further along in our careers and then decreasing as we retire and age. Likewise, the things we spend on change depending on our life stage.
Housing represents a bigger chunk of total spending for groups with lower incomes such as Gen Z and the Silent Generation, for example. And healthcare spending is highest for the oldest Americans — representing nearly 16% of the Silent Generation’s total expenditures for the year.
Spending on food at home and away
One insight of interest in the 2023 spending data is how much the youngest generation of adults spends on food away from home. One might think the group with one of the lowest average incomes would spend less on meals “out,” but Generation Z allocates a greater chunk of their total spending on dining out than older generations and a share fairly close to what they spend on groceries.
For more data or to speak with one of NerdWallet’s subject matter experts about the data and what it means for consumers, contact [email protected].
