• Family Life

Consumer Spending Stats: Do You Spend More Than The Average American?

March 10, 2016 | Marianne Ahlmann
KEY POINTS
  • 60% of Americans say they aren’t prepared if a recession were to hit.
  • Americans spent most money on travel and food in the past year.
  • Cook food at home, ride with Uber instead of yellow cabs, and shop at Macy’s over Nordstrom.

Hoping to retire some day and think buying that $5 latte every morning doesn’t matter?

By itself it probably won’t make much of a difference. But, when you add it to how much you spend at Whole Foods every month, grabbing an Uber home from happy hour instead of taking the subway, treating yourself to that Starbucks breakfast sandwich every morning, and dining out 3 times every week, it starts to take a big chunk out of your saving potential. 60% of Americans report that they won’t be prepared for an economic downturn, making it even more important to take control of your everyday spending now.

That’s why we released our inaugural State of Spending Report, to bring awareness to spending trends across the country and by generation. It is our hope that with a little more attention to incremental daily spending, more Americans will take the necessary steps to secure the retirement they dream of. Check out what we discovered about how folks are spending across the country:

State Of Spending Infographic - Trends - body

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