While you might feel that it was in your early 20s, before kids and mortgages came along, that you made the most questionable financial decisions, you might be surprised to learn that this is actually not the age when you spend the most money.
In fact, according to new data from the Bureau of Labor Statistics in the US, it’s actually the 40-somethings who blow out their entertainment budgets every year. And although these are American figures, chances are much the same rings true for our side of the pond as well.
When it comes to entertainment, people aged 25 and under spend an average of $1250 per year on entertainment, compared to almost $3000 for the mid-30s to mid-40s age group, and the trend continues (obviously, maybe) when it comes to housing and healthcare spending categories as well.
Maurie Backman from CNN Money claims that it is as simple as people in their 40s tend to spend more money because they make more money, in addition to supporting families and dealing with unexpected household repairs. Also, between supporting middle school–aged children, saving up for college tuitions, and paying to repair the roof, 40-somethings have a lot on their plates financially—even more so than 30-somethings.
Yikes, we better start saving, guys!
