Millennials are spending significantly more than their elders in four of six categories examined in a survey from Bankrate.com.
Those between the ages of 18 and 36 are spending more than their older peers on items such as groceries, gas, restaurants and travel, according to the report.
The youngest adult generation reports spending an average of $797 per month on groceries, compared with $724 for those 37 and older. And, on average, millennials spend $254 a month on gasoline, versus the $211 by their elders.
Millennials also are spending more on restaurant orders and cell phone bills. Their average monthly spending of $233 on both dine-in and take-out meals is well above the $182 average for older generations. They also top their elders’ monthly cell phone charges $161 to $135.
In total, millennials spend an additional 15%, or $2,300 more per year, on these four costs than older generations.
Two areas where millennials are reducing spending are travel and television. Millennials report spending an average of $1,943 per year on trips or vacations, while older Americans are shelling out $2,665. For television services such as cable, satellite and streaming/subscription, millennials are spending just $80 per month, compared with $114 for those 37 and up.
The survey was conducted by Princeton Survey Research Associates International. PSRAI obtained telephone interviews with a nationally representative sample of 1,002 adults living in the continental United States from July 6-9.