Why Millennials Consume Less

Jul 24, 2014 by

You’ve probably read about Millennials living with their parents, avoiding car and home ownership, and generally consuming less. This graphic may explain what’s behind these trends. They don’t have the cash!

Debt reduction consumes millennials' budgets
 

Nearly 60% of Millennials’ income goes to debt service! And a relatively small proportion is mortgage debt, so it’s not about home or condo-buying. Especially when combined with reduced spending by retiring Baby Boomers, this situation doesn’t bode well for the consumer-driven U.S. economy’s prospects, unless of course you’re a lender!

What About You?

Does the 57% of income that Millennials are ‘spending’ on debt seem to you remarkably high?

What portion of your income is devoted to debt payments?

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