Just starting out? How you compare with others like you

Ever wonder how other people make it on entry-level salaries or how they choose to spend their precious cash? Here’s a snapshot of where your peers’ money goes.

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Salary

$35,300

Median annual income for those under age 35

$46,700

Median annual income in the U.S.

Source: Federal Reserve Survey of Consumer Finances, released in 2014

Debt

Average student loan debt in 2014: $33,000

42% of those under 35 had student loan debt in 2014

Average Millennial credit card debt is $2,682 Compare that with the average Gen X/Baby Boomer credit card debt: $5,000+

Sources: Harvard University, National Center for Education Statistics, Experian

Saving

Median age Millennial workers started investing for retirement: 22

Age Gen Xers started: 27

Non-retirement Millennial savings:

33% are saving for vacation

20% are saving for a car

32% are saving for a home

Sources: Transamerica, USA Today / Better Money Habits Millennial Fall 2014 Report

Home buying

What do Millennial homebuyers look like? They are 29 years old, make $76,900 and the home costs $189,900

$280,300

Average home price in the U.S.

Sources: U.S. Census, National Association of Realtors

Eating

$50.75

What those under 35 spend eating out each week

Compare with:

$45.88

What Baby Boomers spend each week

That’s 43% of Millennials’ food budget, compared with 37% for Boomers.

Source: The Food Institute

Driving

Millennials accounted for 27% of new car sales in 2014. That’s up from 18% in 2010.

Source: JD Power & Associates

Watching

Millennial money spent on media content: $62 billion per year or $750/person. Most of that goes toward services and hardware, like smartphones and tablets, which allow them to stream and view online content.

Source: Deloitte

Doing

78% of Millennials say they prefer to spend money on experiences instead of material goods.


Source: Eventbrite

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The material provided on this website is for informational use only and is not intended for financial or investment advice. Bank of America and/or its affiliates, and Khan Academy, assume no liability for any loss or damage resulting from one’s reliance on the material provided. Please also note that such material is not updated regularly and that some of the information may not therefore be current. Consult with your own financial professional when making decisions regarding your financial or investment options.

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