Millennials Are Spending Less and Saving for a Rainy Day

While waiting in line last week at Starbucks, I realized that I was the only “guest” ordering black coffee — not a grande, no-foam macchiato concoction — and the only person using cash. The mostly millennial customers were flashing a smartphone app or swiping credit or debit cards.

The way our adult children spend and save money is very different from their boomer parents. “I want it fast, and I want it now” is the millennial mantra when it comes to spending, so why bother opening a wallet and fumbling with bills. They put a premium on speed, ease, efficiency and convenience in all their transactions, according to a study of 4,000 millennials by the Boston Consulting Group.

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