Young People Make Less Money And Spend More on Bars

///Young People Make Less Money And Spend More on Bars

People born between the early 1980s and the late 1990s often use more credit and debit cards than cash and prefer to spend their savings on bars and restaurants than in supermarkets or with transportation.

This is the conclusion of a study conducted by Banco Neon, which evaluated the consumption habits of 26,000 young people between 18 and 35 years of age.

The survey found that 24% of a young person’s total monthly expenses are usually in a supermarket, while 20% of the amount of the month is directed to transportation. Fourth, with 8%, digital services subscribe, while other leisure activities comprise only 5% of expenses.

In relation to the duel of digital money versus cash, the use of credit and debit cards far outweigh the amount of withdrawals made by young people.

In the first half of 2017, there were 496 thousand transactions with electronic money against only 13 thousand withdrawals, according to research by Banco Neon.

Despite the massive adoption of digital money, physical stores are still in the youth’s mindset: only 30% of their purchases happen in virtual stores.

To make more sense, this number should be compared to the consumption habit of other age groups – and it is not difficult to assume that younger people spend more buying online compared to older people.

By |2017-07-13T14:44:08+00:00July 13th, 2017|Health & Food, Lifestyle|2 Comments

2 Comments

  1. Ogeto Daniel O. September 11, 2017 at 9:29 am - Reply

    Great insights right here about the current generation and there lifestyle. It is an interesting phenomenon of the Millennial’s, less earning, more spending and more credit uptake compared to the 20th century. The fact that Lifestyles have dramatically changed in this current generation cannot be understated. However, this poses a big question, rather a challenge, Are this lifestyles sustainable? Is there a correlation on this lifestyle as relates to the uptake of Digital Technology? Can it be said that there is no proper dissemination of proper Lifestyle tip leading to the increased number of millennial’s preferring to spend more rather than earn more? It is very clear that this factors cannot be overlooked. It is becoming harder to separate the young generation from the current advances in digital technology and the so called “Plastic Money” which has become synonymous with most young people in the current generation. This however begs a question, should the different welfare organizations focus on the creation of training and skill development curriculum that will help equip the millennial’s with lifestyle tips and skill training that will aid them lead a balanced life and utilize the advantages offered by “Plastic Money” and curtail the current imbalance in how they earn and spend? For me, it is a no-brainer, if the current trend continues, the future is bleak with a society burdened with a big credit debt problem that cannot be wished away.

  2. Nagabhushan September 11, 2017 at 3:00 pm - Reply

    This is the result of increased digital skill development of the youth and penetration of digital devices and services over time. Though it might take some more time to completely transit to electronic money, the transition has already begun. Young people will continue to use more and more of digital services for all their needs. Initiatives like ‘Digital India” might even lead the older generations to start using digital services and electronic money. In this age when there exist cryptocurrencies like Bitcoin and Ethereum, it is obvious that we’ll have to move towards a global system devoid of cash. The youth of today are pioneering it.

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