It’s no secret that the average American’s budget is shrinking, and as of last week, it looks like the average millennial might be getting an even bigger chunk of the savings.
The Wall Street Journal reports that the Millennial Generation will spend $2,000 less than their parents did in 2019, and they’ll be spending less than half that amount by 2030.
The WSJ notes that the savings will be mostly due to higher taxes for middle-class Americans, which the paper says will likely result in a drop in spending on mattresses.
This will in turn help to reduce the burden on the elderly and people with disabilities.
But the savings aren’t necessarily going to come from lowering the price of a mattress.
It could be that the prices of cheaper mattresses will drop, meaning a younger generation of people will end up spending more.
But the WSJ report points out that this could happen as a result of millennials deciding to save for retirement instead of for their families.
As the WSZ notes, it’s not just millennials who will see an increase in spending: The average millennial household will be spending more than their grandparents did in 2015, according to the WSJs survey.
“The savings that are going to be saved are going towards saving for retirement,” Matt Baxley, CEO of mattress maker Sleep Well Brands, told the WSJC.
“The millennial generation is going to save more.”
This article was originally published on the WSJD website.