The Spending Divide: Baby Boomers vs. Millennials.

Older Americans are spending more on leisure activities such as travel and dining out, while younger adults are spending more on housing and basics, leading to a widening generational gap in spending habits, according to a report by Bank of America. The study found that baby boomers and traditionalists in every income group are outspending their younger counterparts. The spending growth among older Americans is being fueled by larger Social Security payments and lower housing costs. However, younger adults are facing higher housing costs, student loan debt, and rising prices for everyday expenses.