Millennials Less Susceptible to Black Friday “Deals” & Overspending

“Millennials aren’t just setting budgets; they’re keeping them, too.” Millennials were the least likely age group to go into debt during the 2016 holiday shopping season and the most likely to stick to their budgets, according to an analysis of spending behavior and trends…”

Source: nerdwallet.com

Older generations might have something to learn from the younger set, a new NerdWallet study indicates.

Purchasing gifts for friends and loved ones leaves many holiday shoppers in a bind. But for millennials, a new NerdWallet study finds, the outcome is more encouraging.

“Millennials often get a bum rap about their spending habits, but the data says otherwise — particularly when it comes to the holidays,” says NerdWallet consumer savings expert Courtney Jespersen. “Millennials aren’t just setting budgets; they’re keeping them, too.”

Millennials were the least likely age group to go into debt during the 2016 holiday shopping season and the most likely to stick to their budgets, according to an analysis of spending behavior and trends among Millennials (ages 18-34), Gen Xers (ages 35-54) and baby boomers (ages 55+), based on a survey of more than 2,000 U.S. adults commissioned by NerdWallet and conducted by Harris Poll.

And the 2017 holiday season looks promising, too. The results show that millennials often fare better than other generations, which may be a result of how they plan and shop. Their strategies can help you keep your shopping in check.

Millennials curb debt

Although more than half of Americans who shopped during the 2016 holiday season accumulated credit card debt, millennials were far less likely to…[read the full article at nerdwallet.com]