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.
Author:
Updated:
Original:

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.

Next Up

ambulance

2 killed in head-on crash involving car, dump truck

The crash happened just before 2 p.m. Friday, according to the State Patrol.

coronavirus

Here is Minnesota's COVID-19 update for Saturday, October 31

Minnesota has surpassed 3,000 new cases on consecutive days.

high school football

Minnesota Football Showcase postponed due to COVID-19

The MFCA All-Star Game will be played in June 2021.

Screen Shot 2020-10-31 at 7.26.05 AM

Here's what President Trump said on his visit to Minnesota

The president targeted Gov. Tim Walz and Keith Ellison at his Minnesota rally.

Screen Shot 2020-10-30 at 6.09.58 PM

Here's what Joe Biden said in Minnesota Friday

Presenting himself as the candidate for a united country, he pledged improvements on affordable healthcare, pandemic relief

Mohamed Ibrahim

Missed PAT seals Gophers' fate against Maryland

Mohamed Ibrahim tied a school record with four touchdowns, but the Gophers lost in overtime.

dnr trout stocking helicopter

DNR uses a helicopter to more efficiently stock lakes with trout

In the past, the DNR used airplanes to stock remote lakes with fish, but the survival rate of the fish was only 85%.

steve simon zoom call

Secretary of State explains plans for segregated absentee ballots

Election officials are reminding voters that it's too late to mail in your absentee ballots.

Halloween, trick-or-treating

Osterholm on safe trick-or-treating: 'I would say go ahead with it'

The infectious disease expert's opinion doesn't align with the CDC's guidance.

Related

'Hipster' millennials expected to boost holiday sales, here's how much they'll spend

Millennials are expected to splash out this holiday season – what's making them so confident about their spending?

Holiday spending to rise, with millennial dads among most generous

Consumers are preparing for more spending this holiday season.

The Tip Jar: 4 things millennials should be doing with their money

Just got a job and have no idea how to manage your money? These tips can set you up for the future.

Update: Now The Limited is closing all its stores across the U.S.

All Twin Cities stores are set to close next week.

Hey millennials – you're really good at saving for surprise bills

The fear of getting into credit card debt is encouraging more millennials to save.

Target just made a bunch of stuff cheaper

Thousands of items suddenly cost less.

Get your credit card out: Expect to spend $900 on gifts this holiday season

Twin Cities citizens are expected to spend a record amount this holiday season, forking out nearly $1,000 on gifts for their loved ones.