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Millennials expect to spend more money, they'll just ask mom and dad first

Millennials are making more money and planning to spend more, too. But before they buy that car, they'll ask their parents.

Millennials are expected to spend a lot of money this year, but they'll still depend on parents for financial advise. That's according to recent studies looking at how age groups spend money.

Time Magazine reports that the oldest millennials are 35 now and starting to earn the big bucks.

The source says Ameriprise Financial did a study and found that while millennials tend to be more impulsive than other age groups, they're also more dependent on mom and dad for advice. Especially when it comes to making big purchases.

Time goes on to say that Millennials are also wary of owning things, so they tend to lease cars and even clothing.

Millennials are also three times more justify spending a lot of money as long as it creates a lasting memory, Merrill Lynch told the magazine.

Another study found millennials spend a lot of money eating out.

In fact, Forbes reported last month that millennials spend 44 percent of their food money eating out. That's about $2,921 every year.

Perhaps that also has something to do with the "experience" of eating out.

Millennials expect to spend more

Time also says 61 percent of millennials anticipate spending more money this year.

Millennials are even expected to boost holiday sales.

survey by the Rubicon Project found that 18-34 year olds are expected to spend $1,427 on average over the holiday period, significantly more than the $1,098 the rest of American consumers are expected to spend.

More than a quarter of millennials (28 percent) plan to do all of their holiday shopping online.

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