We all like some fun, but when finances are stretched it means tough choices about what’s really important.
Americans have plenty of vices to choose from – including alcohol, drugs, and gambling – and a new survey reveals that their choices vary by generation. But for around one third of all adults, current economic conditions mean they plan to cut back on spending on their preferred recreational activities.
Bankrate.com’s new research has identified that 84% of respondents spend money on at least one of six ‘financial vices’ including alcohol, lottery tickets, casino games, tobacco/cigarettes/e-cigarettes, sports betting, and marijuana/recreational cannabis. Half said they typically spend on these monthly.
Alcohol (66%) and lottery tickets (64%) are the most commonly bought of the six vices, followed by casino games (40%), tobacco/cigarettes/e-cigarettes (30%), sports betting (29%), and marijuana/recreational cannabis (28%). Overall, 70% of respondents spend on gambling, but just 25% say they do so monthly.
Gen Zs are mostly likely to spend on sports betting and casino games, Millennials lead for spending on tobacco/cigarettes/e-cigarettes and marijuana/recreational cannabis, while Gen Xers favor lottery tickets and alcohol.
Around one fifth across all generations plan to increase spending on these vices in 2025, one third plan to cut back, and almost half will maintain current spending levels.
But can they afford it?
“It’s fine to have some fun and engage in the occasional splurge, but it’s important to do so within the constraints of a solid budget,” said Bankrate Senior Industry Analyst Ted Rossman. “By all means, set aside some fun money, but make sure you’re also checking off other priorities such as saving
for a rainy day and paying down high-cost debt. It’s worth noting that only about two in five Americans can afford to pay for a $1,000 emergency expense from their savings, while roughly half of credit cardholders carry debt from month to month at an average interest rate north of 20%.”
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