Whether it’s a DoorDash habit or a streaming subscription you forgot about, you’re probably spending money you don’t mean to spend. Most of us, 85% of Americans, admit to doing some wasteful spending, at least on occasion, a new survey finds.
According to the poll of 2-thousand adults by Motley Fool Money:
- Younger Americans are more likely to waste money as millennials and Gen Z have the highest rates of wasteful spending.
- Nearly one in 10 millennials confess to wasting money every day and 45% of Gen Z say being bored leads to unnecessary spending.
- Younger gens also tend to splurge on food delivery apps, like Uber Eats and DoorDash, while older folks hardly use them. Nearly a third of millennials (31%) and Gen Z (27%) say they regularly order food delivery, compared to just 12% of baby boomers.
- Only 9% of Gen Xers say they waste money multiple times a week, versus 18% of Gen Z.
- Americans tend to overspend the most when they’re bored at home (37%), during shopping trips (27%), and online late at night (12%).
- But buyer's remorse is a real thing, especially for millennials and Gen Z. More than half of millennials (54%) and 50% of Gen Z admit they regret most of their impulse purchases.
- So, what’s getting us to waste so much money? Online ads are the top trigger (58%), followed by sales and discounts (57%), emotional shopping, like being bored or stressed (21%) and even influence from our peers (15%).
The Most Common Wasteful Spending Habits
- Frequently eating out (38%)
- Impulse buys from online shopping (34%)
- Frequently buying convenience food and drinks (29%)
- Regularly dumping leftovers (28%)
- Paying for TV streaming services they don’t actually use (25%)
- Buying new clothes and shoes similar to ones they already own (23%)
- Buying lottery tickets (23%)
- Ordering from food delivery apps instead of cooking (22%)
- Leaving appliances or utilities running when they don’t need to (21%)
- Regularly buying coffee out instead of making it at home (20%)
Source: CNBC