How much the average American spends per day
How do your spending habits stack up against individuals around the U.S.?
The average person spends about $164.55 per day, which includes $5.39 on gasoline, $9.35 on health insurance, $11.95 on groceries and $9.22 on dining out, according to a new GOBankingRates study.
The biggest expenses across all age groups were housing, groceries, utilities and health insurance.
Wondering how you compare to others belonging to your specific age group? GOBankingRates analyzed 2017 expenditure data from the Bureau of Labor Statistics across 15 categories to determine how much the average American, across different age groups, spends per day.
Here’s a look at what they found:
Generation Z (individuals under 25)
The average daily expenses for individuals under the age of 25 are about $92.13.
This age group, perhaps unsurprisingly, spent the least across most of the major categories – with the exception of education, gasoline, cellphone service and clothing.
The biggest expense for Generation Z was housing, at $20.69, by far their largest expenditure. Housing was followed by groceries at $6.57 and dining out at $6.47.
Millennials (ages 25 to 34)
Millennials spent about $208.77 per day, on average – the most of any age group.
Among people in this age group, the highest expense was – once again – housing, at $34.78. Like their younger counterparts, groceries ($10.89) and dining out ($9.36) were the next highest expenses.
This age group spent $7.24 on entertainment and $5.59 on clothing and apparel.
Younger Generation X (ages 35 to 44)
Average daily spending among Americans between the ages of 35 and 44 was about $189.13.
This age group spend the highest of any on groceries, at about $14.05, and dining out, at $11.64.
People in this age group spent an average of $39.16 on housing and $10.96 on entertainment.
Older Generation X (Ages 45-54)
The older half of Generation X spent more per day than their younger counterparts, at an average of $202.48 – which was the second highest among any age group.
These individuals spent the most in 8 overall categories, including education ($8.80), gasoline ($6.77), alcohol ($1.73), entertainment ($11.13) and pets ($2.69).
Younger Baby Boomers (ages 55 to 64)
Average daily spending for Americans between the ages of 55 and 64 is $178.01.
This group ranks among the top three for non-essential expenses, like pets ($2.48).
Charitable donations accounted for an average of $6.46, while groceries cost about $12.78.
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Older Baby Boomers (ages 65 and older)
Older Baby Boomers’ average daily spending was more than $40 less than the younger members of their demographic, at $135.73.
Health insurance expenses among this demographic were higher than any other – averaging about $12.91 per day.
However, older Baby Boomers spent the least of any age group on gas, education, clothing and cellphone service. Housing costs were relatively low, as well, at $25.40.