People Raised In The 60s, 70s & 80s Consistently Spend Money On 9 Things Younger Generations Wouldn't Pay For
RgStudio from Getty Images Signature via CanvaHow we invest money and what we spend it on is rooted in our identity. Depending on what we enjoy and value, our spending habits shift, which explains why there's such a difference in the spending habits across generations.
The kind of things that people raised in the 60s, 70s and 80s consistently spend money on may be the same things young people would never pay for. Yes, there are differences in financial security and disposable income, but it's someone's values and priorities that shape their money habits.
People who grew up in the 60s, 70s and 80s spend money on these things that younger generations wouldn't pay for
1. Cable TV
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Many younger generations grew up when streaming was popularized. Much like baby boomers and Gen Xers grew up with cable TV, they grew up with Netflix and even YouTube. That's why older generations continue spending on cable TV for their homes, while young people prefer to invest in monthly streaming services.
There's less allure for young people, considering most of the media they enjoy is either accessible through social media or the many monthly subscriptions they already pay for.
2. Annual vacations
Gen Xers and other older generations often prefer to spend money on annual family vacations, while young people prefer living a vacation-oriented lifestyle. Gen Zers take small trips or invest in experiences monthly with their money. They take time off throughout the year, instead of saving time and money for one big trip annually.
Young people invest in micro-experiences, like going out for dinner or taking a last-minute road trip on the weekends. They're not afraid to use the time off they're entitled to, even if their older counterparts believe that it's a sign of no work ethic.
3. Lottery tickets
Despite believing that winning the lottery is their only shot at financial milestones like homeownership, Gen Zers aren't necessarily the target audience for lottery tickets. In fact, according to a Bankrate study, baby boomers are often the most likely to purchase lottery tickets, alongside Gen Xers.
The excitement of winning money without having to worry about covering the cost of a ticket and the hope that comes with it make lottery ticket purchases appealing. Despite aging generations struggling with retirement, they're not afraid to spend consistently on these things that don't always guarantee any payoff.
4. Traditional corporate clothes
Part of Gen Z's challenger attitude is going toward pushing back on traditional dress codes in the office. Where older generations used to wear suits and had a very specific kind of style, young people are reworking the clothing they already have to suit a new era of professionalism.
With comfort and self-expression at the forefront, traditional corporate clothes are no longer something young workers are interested in spending money on.
5. Stamps
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Considering most young people are adopting more convenient, digital forms of communication, it's not a huge surprise that they're not spending on stamps and postage costs. Even around the holidays, they're not sending holiday cards. When it comes to paying bills, that also happens almost entirely online.
While many Gen Xers and baby boomers have also adopted this digital way of life, some are still willing to send a check or a letter in the mail. They're still buying and keeping stamps at home, whereas most young people aren't even sure where to buy stamps or how to use them.
6. Dry cleaning
A lot of young people don't even own an iron. And considering they're pushing back on traditional dresswear in the office, they're not spending anything on dry cleaning. They're struggling to afford basic necessities, so it's just not a service they're prioritizing.
However, many older generations are still outsourcing this labor with work clothes and professional attire. It's always been a part of their lives and is convenient in a new way, so they consistently spend on it.
7. Extended warranties
Older generations are used to making big investments on things like cars and furniture. They're used to adding on that extra protection in an effort to preserve and conserve these big expenses.
But even for Gen Zers saving and spending on these kinds of things, that extra up-front cost isn't something they indulge in. Most young people can barely afford rent or groceries, so needing to invest in a huge expense often means spending exactly what they need to, and nothing more.
8. Souvenirs
It's certainly true that plenty of young people collect keychains or specific souvenirs from their travels and keep them in a safe space at home. Collectively, though, younger generations prefer to spend their money on experiences, even when they're in a new place or on vacation. The little things, like trying new restaurants or going on a day trip, are more important to them.
But for people raised in the 60s, 70s and 80s, they have an appreciation for passing things down and collecting material items. So, they're easily lured in by a good souvenir. Even if they're not keeping it, they'll give it to a family member to keep it a tradition.
9. Storage units
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With an appreciation for material goods and family heirlooms, older generations spend more on storage units. They have more stuff because they've had more life experience and invested in the kinds of things that actually stand the test of time.
There are all kinds of financial and situational factors that play into someone's need for extra space, but it's not surprising that young people starting their lives and wanting experiences have less "stuff" to house with additional monthly payments.
Zayda Slabbekoorn is a senior editorial strategist with a bachelor's degree in social relations & policy and gender studies who focuses on psychology, relationships, self-help, and human interest stories.
