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Millennials, the generation born between 1981 and 1996, ages as of 2024 being between 28 to 43, are known for their distinct spending habits that reflect their values, lifestyle choices, and the economic challenges they face. They are widely known as one of the best generations at saving money (though this is difficult to measure). According to a survey from MarketWatch Guides surveying Americans savings habits from different generations found that, “millennials saved the most on average every month at $535.50”.
Now of course many generations also don’t “waste money” on some of the various things on this list, but records show that millennials are especially not making these purchases and/or are known not to spend much on these specific purchases. Here are 10 things millennials don’t waste money on:
Office Wear
With the rise of remote work and casual office environments, millennials are spending less on traditional office attire. Comfort and versatility in clothing are prioritized over formal suits and dresses. Office wear fashion had been popular and white collar industries thrived ever since offices were created. To the wool suits with the fedora of the 1950s to the Armani yuppy suits of the 1980s worn by baby boomers. Not anymore.
Forbes wrote in an article, studying this change of fashion in offices from millennials and gen z noting, “The rejection of traditional office workwear among Millennials and Gen-Z can be attributed to several factors, including changing attitudes towards work and career, the rise of the tech corporate culture, and the shift to flexible working due to the pandemic.”
Single-Use Kitchen Gadgets
Millennials often prefer multifunctional kitchen tools that save space and money, seeing an increased volume of these companies around the time millennials were of age to start cooking. From 4 in ones to 6 in ones, companies have noticed upticks in sales with the millennial crowd when you add a bottle opener or any extra gadget on a kitchen tool, and less on singgle-use.
Homes
High housing prices, student loan debt, and a preference for flexibility have led many millennials to delay homeownership or choose smaller, more affordable living spaces. In 2022 millennials reached the 50% mark of homeowners out of all millennials and now currently stands at about 52% according to The Motley Fool. This number may seem high, but when compared to the rest of the generations with gen x at 70%, and boomers at 78%, the numbers show that millennials are a much more reluctant generation to sign.
New Cars
Millennials are increasingly opting for used or pre-owned vehicles instead of buying brand new cars. Out of the generations of boomers and gen x, millennials are the least likely to buy a new car out of the three with only 23% of millennials in the nation being new car owners.
The high depreciation rate of new cars and the availability of reliable used cars at lower prices make this a practical choice. By purchasing used cars, millennials can save money on initial costs, insurance, and registration fees, all while getting a vehicle that meets their needs.
Children
Economic factors, career goals, and lifestyle preferences have led some millennials to delay starting a family. The high cost of childcare and a desire for work-life balance are significant considerations. In 2021, Pew Research Center did a study on generation’s desire and or lack of desire to have children — finding that 61% of millennials did not want kids.
Cable TV
Streaming services like Netflix, Hulu, and Amazon Prime have replaced traditional cable TV for millennials. They simply got with the times, with many subscriptions too offering lower cost and flexibility of streaming their favorite shows and movies on demand.
Newspapers and Magazines
Digital media has largely replaced printed newspapers and magazines for millennials. They access news and entertainment through online platforms, often for free.
Disposable Products
Millennials are more conscious of their environmental impact and are reducing their use of single-use products like plastic bags, straws, and water bottles, opting for reusable alternatives instead. The trends of Hyrdro Flask and most recently the Stanley tumbler can be attributed to millennials normalizing them.
Weddings
Many millennials are choosing to have smaller, more intimate weddings or even eloping to save money. They are less inclined to spend large sums on traditional wedding expenses and instead focus on meaningful experiences. A study done by Prudential found that almost half of gen z and millennials feel weddings would or are getting in the way of their savings goals.
By choosing not to spend money on these items, millennials are redefining consumer trends and prioritizing their financial well-being, environmental sustainability, and personal values.
Editor’s note: This article was produced via automated technology and then fine-tuned and verified for accuracy by a member of GOBankingRates’ editorial team.
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