A Subsegment of Seniors Tops Spending Charts
You might not be surprised to learn that those who spend the most daily are those with children under the age of 18. After reading a new Gallup report, we discovered there is an age overlay to daily spending as well: 65+ seniors with young children have the highest daily spending of any Americans.
According to the US Census Bureau, there are 338,000 households in which children under 18 are living with at least one parent over 65.
There also are 1,648,000 US households in which a child under 18 lives with a grandparent and no parents are present in the household. These grandparents can be of any age, though most are between 55 and 65, per Census data.
While this is not a huge segment, it’s certainly an intriguing one. As demographic trends collide — longevity bonuses, delayed marriages and child bearing, fractured families — our stereotypes of who is the “parent” of a young child will be challenged. And so might stereotypes about discretionary spending and 65+ seniors.