Boomers waste money, too. These are the spending traps tripping up the richest generation.

The wasteful habits of millennials and Gen Z members should travel arsenic nary astonishment — it has been good documented that galore of these consumers are prone to impulse online spending and person grown addicted to the convenience of transportation apps.

But caller survey information amusement that babe boomers — America’s richest procreation and 1 often perceived arsenic being thriftier those that followed — are much wasteful successful definite spending categories than younger people. And those habits tin beryllium particularly harmful for the galore radical successful this unevenly affluent cohort who are financially vulnerable.

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Specifically, babe boomers are much apt than the mean user to discarded nutrient by throwing retired leftovers oregon expired items, to permission appliances oregon utilities moving unnecessarily, to bargain brand-name pantry items and to bargain lottery tickets, according to a caller survey by Motley Fool Money.

And these habits person lone gotten much expensive: Food prices accrued by 2.9% successful January compared with a twelvemonth earlier, state inferior costs roseate by 9.8% and energy went up 6.3%, according to the latest figures from the Bureau of Labor Statistics.

“Once you are drafting from savings alternatively of gathering it, tiny recurring expenses substance more,” said Melissa Caro, a fiscal planner and laminitis of My Retirement Network, a fiscal acquisition site. “Utilities, nutrient discarded and manner ostentation tin softly erode currency travel implicit a 20- to 30-year retirement. Even households with meaningful assets request to negociate longevity risk, healthcare uncertainty and rising surviving costs.”

Boomers — who were calved betwixt 1946 and 1964 — were much apt than Americans connected mean to discarded wealth during buying trips, portion connected abrogation oregon for peculiar occasions, the canvass of 2,000 U.S. adults found. Their astir communal trigger was income and discounts.

On the different hand, millennials, who were calved betwixt 1981 and 1996, and Gen Z, calved betwixt 1997 and 2012, were much apt to discarded wealth online precocious astatine night. Members of Gen X, calved betwixt 1965 and 1980, were the astir susceptible to emotionally driven buying but, on with boomers, were overmuch much apt than younger generations to defy social-media trends and adjacent influence, the Motley Fool survey showed.

Despite their wasteful ways, boomers are the wealthiest cohort successful U.S. history. Many were buoyed by the postwar economical boom, entree to affordable assemblage educations and workplace pensions, and maturation successful the lodging and banal markets, MarketWatch precocious reported.