US Millennials Shift Preference From Spending to Saving Money

Gallup-US-Adult-Preferences-Saving-vs-Spending-Money-May2016Source: Gallup

    Notes: Almost two-thirds of 18-29-year-olds in the US prefer saving money (66%) as opposed to spending (33%) it, based on a Gallup review of surveys conducted from 2014 through 2016. That represents a significant change from the 2001-2006 period, when an average of 54% of Millennials reported a preference for spending as opposed to saving (43%).

    The increasing preference for saving over spending is seen with other age groups, also, although older Americans were less likely to prefer spending in the first place.

    Separately, 38% of adults surveyed said they have been spending less in recent months, compared to 28% who reported spending more. Interestingly, those spending more tend to feel that it’s a temporary change, while those spending less have a tendency to feel that this will be a permanent change.

      Related: Marketing Financial Services to Millennials

        About the Data: The 2016 data is based on based on telephone interviews conducted April 6-10, 2016, with a random sample of 1,015 adults, aged 18 and older, living in all 50 U.S. states and the District of Columbia.