Spending Differences in Boomers vs. Millennials
Data show differences between how generations spend, including what challenges they face. 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. The generational differences were refle