Spending Differences in Boomers vs. Millennials

Boomers, millennials, Gen Xers and Gen Zers have their own spending patterns and challenges. What do the data show?

Older couple in front a for sale sign
(Image credit: Getty Images)

Older Americans are increasing their spending faster than younger generations, according to data from Bank of America, which suggests this can be partly attributed to the relatively generous 8.7% cost-of-living-adjustment (COLA) for Social Security beneficiaries this year. 

As the bank noted, the COLA was the largest increase in 40 years for Social Security recipients. 

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Senior Retirement Editor, Kiplinger.com

Elaine Silvestrini has worked for Kiplinger since 2021, serving as senior retirement editor since 2022. Before that, she had an extensive career as a newspaper and online journalist, primarily covering legal issues at the Tampa Tribune and the Asbury Park Press in New Jersey. In more recent years, she's written for several marketing, legal and financial websites, including Annuity.org and LegalExaminer.com, and the newsletters Auto Insurance Report and Property Insurance Report.