Personal Finance
How Do Americans Spend Their Money, By Generation?
How Americans Spend Their Money, By Generation
In 2021, the average American spent just over $60,000 a year. But where does all their money go? Unsurprisingly, spending habits vary wildly depending on age.
This graphic by Preethi Lodha uses data from the U.S. Bureau of Labor Statistics to show how average Americans spend their money, and how annual expenses vary across generations.
A Generational Breakdown of Overall Spending
Overall in 2021, Gen X (anyone born from 1965 to 1980) spent the most money of any U.S. generation, with an average annual expenditure of $83,357.
Generation | Birth Year Range | Average Annual Expenditure (2021) |
---|---|---|
Silent | 1945 or earlier | $44,683 |
Boomers | 1946 to 1964 | $62,203 |
Generation X | 1965 to 1980 | $83,357 |
Millennials | 1981 to 1996 | $69,061 |
Generation Z | 1997 or later | $41,636 |
Gen X has been nicknamed the “sandwich generation” because many members of this age group are financially supporting both their aging parents as well as children of their own.
The second biggest spenders are Millennials with an average annual expenditure of $69,061. Just like Gen X, this generation’s top three spending categories are housing, healthcare, and personal insurance.
On the opposite end of the spectrum, members of Generation Z are the lowest spenders with an average of $41,636. per year. Their spending habits are expected to ramp up, especially considering that in 2022 the oldest Gen Zers are just 25 and still early in their careers.
Similarities Across Generations
While spending habits vary depending on the age group, there are some categories that remain fairly consistent across the board.
One of the most consistent spending categories is housing—it’s by the far the biggest expense for all age groups, accounting for more than 30% of total annual spending for every generation.
Generation | Average Spend on Housing (2021) | % of Total Spend |
---|---|---|
Silent (1945 or earlier) | $16,656 | 37.3% |
Boomers (1946 to 1964) | $21,273 | 34.2% |
Generation X (1965 to 1980) | $26,385 | 31.7% |
Millennials (1981 to 1996) | $24,052 | 34.8% |
Generation Z (1997 or later) | $15,449 | 37.1% |
Another spending category that’s surprisingly consistent across every generation is entertainment. All generations spent more than 4% of their total expenditures on entertainment, but none dedicated more than 5.6%.
Generation | Average Spend on Entertainment (2021) | % of Total Spend |
---|---|---|
Silent (1945 or earlier) | $2,027 | 4.5% |
Boomers (1946 to 1964) | $3,476 | 5.6% |
Generation X (1965 to 1980) | $4,694 | 5.6% |
Millennials (1981 to 1996) | $3,457 | 5.0% |
Generation Z (1997 or later) | $1,693 | 4.1% |
Gen Zers spent the least on entertainment, which could boil down to the types of entertainment this generation typically enjoys. For instance, a study found that 51% of respondents aged 13-19 watch videos on Instagram on a weekly basis, while only 15% watch cable TV.
Differences Across Generations
One category that varies the most between generations and relative needs is spending on healthcare.
As the table below shows, the Silent Generation spent an average of $7,053 on healthcare, or 15.8% of their total average spend. Comparatively, Gen Z only spent $1,354 on average, or 3.3% of their total average spend.
Generation | Average Spend on Healthcare (2021) | % of Total Spend |
---|---|---|
Silent (1945 or earlier) | $7,053 | 15.8% |
Boomers (1946 to 1964) | $6,594 | 10.6% |
Generation X (1965 to 1980) | $5,550 | 6.7% |
Millennials (1981 to 1996) | $4,026 | 5.8% |
Generation Z (1997 or later) | $1,354 | 3.3% |
However, while the younger generations typically spend less on healthcare, they’re also less likely to be insured—so those who do get sick could be left with a hefty bill.

This article was published as a part of Visual Capitalist's Creator Program, which features data-driven visuals from some of our favorite Creators around the world.
Personal Finance
Mapped: Minimum Wage Around the World
This infographic shows the net minimum wage across 67 countries, as of January 2023. A breakdown by U.S. state is also included.

Mapped: Minimum Wage Around the World
The purpose of a minimum wage is to establish a baseline income level for workers in a given jurisdiction. Ideally it’s enough to cover basic needs like food and housing, but this isn’t always a guarantee.
To see how the minimum wage differs around the world, we’ve visualized data from Picodi, which includes values for 67 countries as of January 2023.
Monthly Minimum Wage, by Country
The following table includes all of the data used in this infographic.
Each value represents the monthly minimum wage a full-time worker would receive in each country. Picodi states that these figures are net of taxes and have been converted to USD.
Country | Increase compared to Jan 2022 | Minimum wage as of Jan 2023 (full-time, USD) |
---|---|---|
Cyprus | 104.5% | $854 |
Argentina | 100.0% | $336 |
Turkey | 32.5% | $457 |
Moldova | 27.1% | $180 |
Latvia | 25.8% | $555 |
Malaysia | 24.6% | $289 |
Pakistan | 24.5% | $111 |
Romania | 21.9% | $393 |
Germany | 21.2% | $1,594 |
Belarus | 18.8% | $189 |
Lithuania | 18.5% | $646 |
North Macedonia | 17.4% | $298 |
Mexico | 17.1% | $315 |
Chile | 16.9% | $369 |
Russia | 16.6% | $224 |
Kazakhstan | 16.4% | $131 |
Colombia | 16.0% | $249 |
Hungary | 15.3% | $383 |
Netherlands | 14.6% | $1,895 |
Poland | 14.3% | $584 |
Belgium | 14.3% | $1,509 |
Serbia | 14.2% | $347 |
Estonia | 14.2% | $704 |
Azerbaijan | 13.3% | $186 |
Albania | 12.9% | $265 |
Slovenia | 12.6% | $896 |
US | 12.0% | $1,550 |
Croatia | 11.9% | $571 |
Uzbekistan | 11.4% | $72 |
Paraguay | 11.4% | $323 |
Armenia | 10.3% | $138 |
Peru | 10.0% | $233 |
Bosnia and Herzegovina | 9.9% | $324 |
Bulgaria | 9.3% | $315 |
Luxembourg | 9.2% | $2,140 |
Philippines | 9.0% | $141 |
Uruguay | 8.9% | $424 |
Brazil | 8.5% | $232 |
India | 8.1% | $95 |
Indonesia | 7.9% | $173 |
Greece | 7.8% | $626 |
Portugal | 7.3% | $690 |
UK | 7.2% | $1,705 |
Slovakia | 6.9% | $572 |
South Africa | 6.6% | $226 |
France | 6.6% | $1,380 |
Czechia | 6.0% | $643 |
Vietnam | 5.7% | $162 |
Ecuador | 5.6% | $407 |
New Zealand | 5.4% | $1,866 |
Ireland | 5.1% | $1,753 |
Canada | 5.0% | $1,545 |
Thailand | 4.8% | $195 |
Australia | 4.7% | $2,022 |
South Korea | 4.6% | $1,333 |
Taiwan | 4.0% | $800 |
Bolivia | 3.9% | $284 |
Guatemala | 3.6% | $383 |
Malta | 3.1% | $788 |
Ukraine | 0.0% | $146 |
Israel | 0.0% | $1,389 |
Puerto Rico | 0.0% | $1,328 |
Hong Kong | 0.0% | $959 |
Saudi Arabia | 0.0% | $958 |
Spain | 0.0% | $925 |
Montenegro | 0.0% | $459 |
Nigeria | 0.0% | $68 |
Generally speaking, developed countries have a higher cost of living, and thus require a higher minimum wage.
Two outliers in this dataset are Argentina and Turkey, which have increased their minimum wages by 100% or more from January 2022 levels.
Turkey is suffering from an ongoing currency crisis, with the lira losing over 40% of its value in 2021. Prices of basic goods have increased considerably as the Turkish lira continues to plummet. In fact, a 2022 survey found that 70% of people in Turkey were struggling to pay for food.
Argentina, South America’s second-biggest economy, is also suffering from very high inflation. In response, the country announced three minimum wage increases throughout 2022.
Minimum Wage in the U.S.
Within the U.S., minimum wage varies significantly by state. We’ve visualized each state’s basic minimum rate (hourly) using January 2023 data from the U.S. Department of Labor.
2023-03-17 Update: This map was updated to fix several incorrect values. We apologize for any confusion this may have caused.
America’s federal minimum wage has remained unchanged since 2009 at $7.25 per hour.
Each state is allowed to set their own minimum wage, as long as it’s higher than the federal minimum. In states that do not set their own minimum, the federal minimum applies.
If we assume someone works 40 hours a week, the federal minimum wage of $7.25 translates to an annual figure of just $15,080 before taxes. California’s minimum wage of $15.50 translates to $32,240 before taxes.
For further perspective, check out our 2022 infographic on the salary needed to buy a home across 50 U.S. cities.
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