Money is tight for a lot of folks these days, but new research reveals people aren’t just being frivolous, they’re spending most of their money feeding themselves. According to a new poll commissioned by UserTesting and conducted by OnePoll of 18-hundred U.S. adults, 48% say grocery costs are taking up the majority of their monthly budget, followed by utility bills (38%) and credit card debt (37%).
There are some differences in spending depending on the generation:
- Younger Americans seem to be more focused on their financial futures, with 38% of Gen Z putting the majority of their monthly budget toward loans and 46% of millennials are spending most of their money on paying off credit card debt.
- Nearly half of Gen X (45%) is spending the most on groceries, while 43% of baby boomers are spending the most on utility bills.
The survey also looks at how people feel about banks:
- Across all generations, 83% say they prefer a physical bank over one that’s strictly online.
- Just over a third (36%) of respondents say they only use physical banks and have completely ditched digital banking.
- Those who prefer a physical bank say it gives them confidence their transactions are being handled correctly (60%) and being able to talk to a human (51%).
- Only 10% say they prefer an online only bank with no physical branches.
- Digital wallets and mobile banking apps are most popular with younger generations (76% of Gen Z and 86% of millennials) and least popular with baby boomers (48%).
- Six in 10 respondents admit they’re more likely to spend money frivolously when using digital payment options.
Source: SWNS Digital