{"id":12933,"date":"2023-03-22T10:00:00","date_gmt":"2023-03-22T16:00:00","guid":{"rendered":"https:\/\/www.lexingtonlaw.com\/blog\/?p=12933"},"modified":"2025-06-06T14:40:40","modified_gmt":"2025-06-06T20:40:40","slug":"baby-boomer-spending-habits","status":"publish","type":"post","link":"https:\/\/www.lexingtonlaw.com\/blog\/credit-cards\/baby-boomer-spending-habits.html","title":{"rendered":"45+ baby boomer spending habits statistics for 2023"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img decoding=\"async\" width=\"570\" height=\"189\" src=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2019\/08\/couple-writing-hero.jpg\" alt=\"baby boomer couple working on taxes\" class=\"wp-image-12940\"\/><\/figure>\n\n\n\n<p><em>The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. <\/em><a href=\"https:\/\/www.lexingtonlaw.com\/disclaimer\" target=\"_blank\" rel=\"noreferrer noopener\"><em>See Lexington Law\u2019s editorial disclosure for more information.<\/em><\/a><\/p>\n\n\n\n<p class=\"has-white-color has-text-color has-background has-link-color wp-elements-1fd2189e472253fa7ac003d0f7122d4e\" style=\"background-color:#00204f\">Baby boomers hold 51% of all wealth in the United States. [Source: Federal Reserve]<\/p>\n\n\n\n<p>Baby boomers are an important segment of the population with an enormous economic influence. There are around 72 million baby boomers in the United States, many of whom are approaching retirement age or have already retired. While <a href=\"https:\/\/www.statista.com\/statistics\/797321\/us-population-by-generation\/\" target=\"_blank\" rel=\"noreferrer noopener\">millennials have now passed baby boomers<\/a> in population share, baby boomers continue to control the most wealth of any group in the country. This makes them an important generation to keep an eye on thanks to both their sheer size and their buying power.<\/p>\n\n\n\n<p>We\u2019ve compiled more than 40 statistics on baby boomer spending habits to give a sense of how this generation manages income, debt, credit, retirement and leisure.<\/p>\n\n\n\n<p><strong>Note:<\/strong> we reference the most updated data available, but sometimes that information is from several years ago\u2014check each individual source for specifics.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-demographics-employment-and-finances\"><a><\/a>Demographics, employment and finances<\/h2>\n\n\n\n<p>Baby boomers are the second largest living generation in the United States, and many are continuing to work later than previous generations. While the COVID-19 pandemic did accelerate retirement among baby boomers, they are nonetheless continuing to generate large amounts of wealth and working in significant numbers.&nbsp;<\/p>\n\n\n\n<ul>\n<li>Baby boomers were born between 1946 and 1964, and they are currently between the <strong>ages of 58 and 76<\/strong>. [Source: <a href=\"https:\/\/www.history.com\/topics\/1960s\/baby-boomers-1\" target=\"_blank\" rel=\"noreferrer noopener\">History<\/a>]<\/li>\n\n\n\n<li>There are around <strong>72 million<\/strong> baby boomers in the United States. [Source: <a href=\"https:\/\/www.pewresearch.org\/fact-tank\/2020\/04\/28\/millennials-overtake-baby-boomers-as-americas-largest-generation\/\" target=\"_blank\" rel=\"noreferrer noopener\">Pew Research Center<\/a>]<\/li>\n\n\n\n<li>By the year 2030, everyone in the baby boomer generation will be <strong>65 or older<\/strong>. [Source: <a href=\"https:\/\/www.census.gov\/library\/stories\/2019\/12\/by-2030-all-baby-boomers-will-be-age-65-or-older.html\" target=\"_blank\" rel=\"noreferrer noopener\">U.S. Census Bureau<\/a>]<\/li>\n\n\n\n<li>Baby boomers have <strong>$2.6 trillion<\/strong> in buying power. [Source: <a href=\"http:\/\/www.fona.com\/wp-content\/uploads\/2018\/05\/Baby-Boomers-Trend-Insight-0518.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">FONA<\/a>]<\/li>\n\n\n\n<li>Aging baby boomers are driving consumer spending, and there are <strong>11 million more <\/strong>consumers over age 60 now than in 2015. [Source: <a href=\"https:\/\/usa.visa.com\/partner-with-us\/visa-consulting-analytics\/baby-boomers-still-outspend-millennials.html\" target=\"_blank\" rel=\"noreferrer noopener\">Visa<\/a>]<\/li>\n\n\n\n<li>During the pandemic in 2020, around <strong>3 million<\/strong> baby boomers retired, joining 25 million who had already retired. [Source: <a href=\"https:\/\/www.pewresearch.org\/fact-tank\/2020\/11\/09\/the-pace-of-boomer-retirements-has-accelerated-in-the-past-year\/\" target=\"_blank\" rel=\"noreferrer noopener\">Pew Research Center<\/a>]<\/li>\n\n\n\n<li><strong>30 percent<\/strong> of baby boomers who planned to leave their current job within the next six months said they would do so to advance their career. [Source: <a href=\"https:\/\/online.olivet.edu\/news\/study-boomers-millennials-working-together\" target=\"_blank\" rel=\"noreferrer noopener\">Olivet<\/a>]<\/li>\n\n\n\n<li><strong>51 percent<\/strong> of baby boomers are worried that a millennial could take their job. [Source: <a href=\"https:\/\/online.olivet.edu\/news\/study-boomers-millennials-working-together\" target=\"_blank\" rel=\"noreferrer noopener\">Olivet<\/a>]<\/li>\n\n\n\n<li><strong>75 percent<\/strong> of baby boomers would leave their current employer for more money. [Source: <a href=\"https:\/\/online.olivet.edu\/news\/study-boomers-millennials-working-together\" target=\"_blank\" rel=\"noreferrer noopener\">Olivet<\/a>]<\/li>\n\n\n\n<li>Baby boomers in the gig economy make an average annual salary of <strong>$43,600<\/strong> working 25 hours a week. [Source: <a href=\"https:\/\/www.aarp.org\/work\/working-at-50-plus\/info-2018\/boomer-gig-workers-make-more-money.html\" target=\"_blank\" rel=\"noreferrer noopener\">AARP<\/a>]<\/li>\n\n\n\n<li>Social Security income averages only <strong>$1,657<\/strong> each month. [Source: <a href=\"https:\/\/www.aarp.org\/retirement\/social-security\/questions-answers\/how-much-social-security-will-i-get\/\" target=\"_blank\" rel=\"noreferrer noopener\">AARP<\/a>]<\/li>\n\n\n\n<li><strong>32 percent<\/strong> of baby boomers would choose freelancing flexibility over traditional employment. [Source: <a href=\"https:\/\/www.amtd.com\/news-and-stories\/press-releases\/press-release-details\/2019\/Freelance-Nation-The-New-American-Dream\/default.aspx\" target=\"_blank\" rel=\"noreferrer noopener\">TD Ameritrade<\/a>]<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"975\" height=\"542\" src=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2022\/02\/image-4.png\" alt=\"There are now 11 million more consumers over age 60 than there were in 2015\" class=\"wp-image-16957\" srcset=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2022\/02\/image-4.png 975w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2022\/02\/image-4-768x427.png 768w\" sizes=\"(min-width: 767px) 600px, calc(100vw - 35px)\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-online-shopping\"><a><\/a>Online shopping<\/h2>\n\n\n\n<p>Though they weren\u2019t raised on technology like millennials and Gen Zers, baby boomers have largely adapted to life online. Baby boomers contribute significantly to the economy through their participation in e-commerce.<\/p>\n\n\n\n<ul>\n<li>68 percent of baby boomers own a <strong>smartphone<\/strong>. [Source: <a href=\"https:\/\/www.pewresearch.org\/fact-tank\/2018\/05\/02\/millennials-stand-out-for-their-technology-use-but-older-generations-also-embrace-digital-life\/\" target=\"_blank\" rel=\"noreferrer noopener\">Pew Research Center<\/a>]<\/li>\n\n\n\n<li><strong>40 percent<\/strong> of Visa credit card transactions for consumers ages 60 to 69 take place online with no physical card. [Source: <a href=\"https:\/\/usa.visa.com\/partner-with-us\/visa-consulting-analytics\/baby-boomers-still-outspend-millennials.html\" target=\"_blank\" rel=\"noreferrer noopener\">Visa<\/a>]<\/li>\n\n\n\n<li>14 percent of baby boomers <strong>are ordering groceries online<\/strong> for home delivery. [Source: <a href=\"https:\/\/www.aarp.org\/home-family\/personal-technology\/info-2018\/boomers-online-grocery-shopping.html\" target=\"_blank\" rel=\"noreferrer noopener\">AARP<\/a>]<\/li>\n\n\n\n<li>47 percent of baby boomers seek out <strong>Cyber Monday deals<\/strong> when shopping for the holidays. [Source: <a href=\"https:\/\/www2.deloitte.com\/content\/dam\/insights\/us\/articles\/6382_2019-holiday-survey\/DEL_Holiday19_ConsumerSurveyFindings.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Deloitte<\/a>]<\/li>\n\n\n\n<li>41 percent of baby boomers <strong>use digital coupons<\/strong> while they\u2019re grocery shopping in stores. [Source: <a href=\"https:\/\/www.aarp.org\/home-family\/personal-technology\/info-2018\/boomers-online-grocery-shopping.html\" target=\"_blank\" rel=\"noreferrer noopener\">AARP<\/a>]<\/li>\n\n\n\n<li>52 percent of baby boomers prefer <strong>shopping online during the holiday season<\/strong>. [Source: <a href=\"https:\/\/www2.deloitte.com\/content\/dam\/insights\/us\/articles\/6382_2019-holiday-survey\/DEL_Holiday19_ConsumerSurveyFindings.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Deloitte<\/a>]<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"975\" height=\"540\" src=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2022\/02\/image-5.png\" alt=\"More than half of baby boomers prefer shopping online during the holiday season\" class=\"wp-image-16958\" srcset=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2022\/02\/image-5.png 975w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2022\/02\/image-5-768x425.png 768w\" sizes=\"(min-width: 767px) 600px, calc(100vw - 35px)\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-spending-and-wealth-trends\"><a><\/a>Spending and wealth trends<\/h2>\n\n\n\n<p>Baby boomers are no longer the largest generation, but they do possess more wealth than Gen Xers, millennials and Gen Zers. With high average spending and a propensity to indulge in luxury purchases, baby boomers have an outsized effect on the overall health of the economy.<\/p>\n\n\n\n<ul>\n<li>Baby boomers hold <strong>51 percent of all wealth<\/strong> in the United States. [Source: <a href=\"https:\/\/www.federalreserve.gov\/releases\/z1\/dataviz\/dfa\/distribute\/chart\/#quarter:127;series:Net%20worth;demographic:generation;population:all;units:levels\" target=\"_blank\" rel=\"noreferrer noopener\">Federal Reserve<\/a>]<\/li>\n\n\n\n<li>The total net worth of the baby boomer generation is <strong>nearly<\/strong> <strong>$70 trillion<\/strong>. [Source: <a href=\"https:\/\/www.federalreserve.gov\/releases\/z1\/dataviz\/dfa\/distribute\/chart\/#quarter:127;series:Net%20worth;demographic:generation;population:all;units:levels\" target=\"_blank\" rel=\"noreferrer noopener\">Federal Reserve<\/a>]<\/li>\n\n\n\n<li>Total pension entitlements for baby boomers are <strong>more than $15 trillion<\/strong>, more than any other living generation. [Source: <a href=\"https:\/\/www.federalreserve.gov\/releases\/z1\/dataviz\/dfa\/distribute\/chart\/#quarter:127;series:Net%20worth;demographic:generation;population:all;units:levels\" target=\"_blank\" rel=\"noreferrer noopener\">Federal Reserve<\/a>]<\/li>\n\n\n\n<li>Baby boomers hold <strong>more than $20 trillion<\/strong> in stocks and mutual funds. [Source: <a href=\"https:\/\/www.federalreserve.gov\/releases\/z1\/dataviz\/dfa\/distribute\/chart\/#quarter:127;series:Net%20worth;demographic:generation;population:all;units:levels\" target=\"_blank\" rel=\"noreferrer noopener\">Federal Reserve<\/a>]<\/li>\n\n\n\n<li>Baby boomers <strong>spend an average of $63,325<\/strong> each year. [Source: <a href=\"https:\/\/smartasset.com\/checking-account\/how-different-generations-spend-money-2020\" target=\"_blank\" rel=\"noreferrer noopener\">SmartAsset<\/a>]<\/li>\n\n\n\n<li>The average baby boomer <strong>saves $4,625 each year,<\/strong> at a savings rate of 6.8 percent. [Source: <a href=\"https:\/\/smartasset.com\/checking-account\/how-different-generations-spend-money-2020\" target=\"_blank\" rel=\"noreferrer noopener\">SmartAsset<\/a>]<\/li>\n\n\n\n<li>Baby boomers <strong>spend $11,159 annually on housing<\/strong> on average, which is less than Gen Xers and millennials. [Source: <a href=\"https:\/\/smartasset.com\/checking-account\/how-different-generations-spend-money-2020\" target=\"_blank\" rel=\"noreferrer noopener\">SmartAsset<\/a>]<\/li>\n\n\n\n<li>Baby boomers account for about <strong>38 percent<\/strong> of pet spending. [Source: <a href=\"https:\/\/www.petbusinessprofessor.com\/petmarket\/2018-u-s-pet-spending-by-generation-a-baby-boomer-bust\/\" target=\"_blank\" rel=\"noreferrer noopener\">Pet Business Professor<\/a>]<\/li>\n\n\n\n<li>Baby boomers increased their spending on new clothes by <strong>28 percent<\/strong> compared to before the pandemic. [Source: <a href=\"https:\/\/www.retaildive.com\/news\/baby-boomers-driving-this-years-apparel-rebound-npd\/606770\/\" target=\"_blank\" rel=\"noreferrer noopener\">Retail Dive<\/a>]<\/li>\n\n\n\n<li><strong>59 percent<\/strong> of baby boomers are willing to pay extra for socially compliant, sustainable products. [Source: <a href=\"https:\/\/www2.deloitte.com\/content\/dam\/insights\/us\/articles\/4737_2018-holiday-survey\/2018DeloitteHolidayReportResults.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Deloitte<\/a>]<\/li>\n\n\n\n<li><strong>49 percent<\/strong> of baby boomers are interested in functional foods like probiotics and vitamins. [Source: <a href=\"http:\/\/www.fona.com\/wp-content\/uploads\/2018\/05\/Baby-Boomers-Trend-Insight-0518.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">FONA<\/a>]<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"975\" height=\"552\" src=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2022\/02\/image-6.png\" alt=\"Baby boomers hold 51 percent of all wealth in the United States, totaling nearly $70 trillion\" class=\"wp-image-16959\" srcset=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2022\/02\/image-6.png 975w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2022\/02\/image-6-768x435.png 768w\" sizes=\"(min-width: 767px) 600px, calc(100vw - 35px)\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-retirement-and-healthcare\"><a><\/a>Retirement and healthcare<\/h2>\n\n\n\n<p>With an increasing number of baby boomers approaching retirement age, a looming concern is how well prepared this generation is for an extended retirement. The average life span is increasing for those born after World War II, but health problems are also on the rise for baby boomers. A large question for this generation is how to afford a quality lifestyle and excellent healthcare after their careers end.<\/p>\n\n\n\n<ul>\n<li>69 percent of baby boomers either expect to work or are already <strong>working past age 65<\/strong> or don\u2019t plan to retire. [Source: <a href=\"https:\/\/transamericacenter.org\/docs\/default-source\/retirement-survey-of-workers\/tcrs2019_sr_what_is_retirement_by_generation.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">TCRS<\/a>]<\/li>\n\n\n\n<li>Baby boomers were <strong>expected to take four to six leisure trips<\/strong> in 2020 before the pandemic began. [Source: <a href=\"https:\/\/www.aarp.org\/research\/topics\/life\/info-2019\/2020-travel-trends.html\" target=\"_blank\" rel=\"noreferrer noopener\">AARP<\/a>]<\/li>\n\n\n\n<li>Baby boomers <strong>planned to spend $7,800 on travel<\/strong> in 2020 prior to the pandemic. [Source: <a href=\"https:\/\/www.aarp.org\/research\/topics\/life\/info-2019\/2020-travel-trends.html\" target=\"_blank\" rel=\"noreferrer noopener\">AARP<\/a>]<\/li>\n\n\n\n<li>Only <strong>26 percent<\/strong> of baby boomers have a backup plan for retirement if they\u2019re forced into retirement sooner than they thought. [Source: <a href=\"https:\/\/transamericacenter.org\/docs\/default-source\/retirement-survey-of-workers\/tcrs2019_sr_what_is_retirement_by_generation.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">TCRS<\/a>]<\/li>\n\n\n\n<li>Baby boomers are expected to spend <strong>3 percent more <\/strong>on health-related purchases than their parents did. [Source: <a href=\"http:\/\/www.fona.com\/wp-content\/uploads\/2018\/05\/Baby-Boomers-Trend-Insight-0518.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">FONA<\/a>]<\/li>\n\n\n\n<li>Baby boomers save between <strong>9 and 10 percent<\/strong> of their income for retirement. [Source: <a href=\"http:\/\/longevity.stanford.edu\/sightlines-financial-security-special-report-mobile\/\" target=\"_blank\" rel=\"noreferrer noopener\">Stanford University<\/a>]<\/li>\n\n\n\n<li><strong>24 percent<\/strong> of baby boomers have increased their emergency savings after being impacted by COVID-19. [Source: <a href=\"https:\/\/content.schwab.com\/web\/retail\/public\/about-schwab\/schwab_modern_retirement_survey_2020_findings.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Charles Schwab<\/a>]<\/li>\n\n\n\n<li>Only <strong>55 percent<\/strong> of baby boomers have money saved for retirement. [Source: <a href=\"https:\/\/www.myirionline.org\/docs\/default-source\/default-document-library\/iri_babyboomers_whitepaper_2019_final.pdf?sfvrsn=0\" target=\"_blank\" rel=\"noreferrer noopener\">Insured Retirement Institute<\/a>]<\/li>\n\n\n\n<li>More than <strong>4 in 10<\/strong> baby boomers believe Medicare will cover long-term costs of healthcare. [Source: <a href=\"https:\/\/www.myirionline.org\/docs\/default-source\/default-document-library\/iri_babyboomers_whitepaper_2019_final.pdf?sfvrsn=0\" target=\"_blank\" rel=\"noreferrer noopener\">Insured Retirement Institute<\/a>]<\/li>\n\n\n\n<li>Baby boomers spend an <strong>average of $6,025<\/strong> on healthcare each year, which represents 10 percent of their annual spending and is more than Gen Xers and millennials spend on the same. [Source: <a href=\"https:\/\/smartasset.com\/checking-account\/how-different-generations-spend-money-2020\" target=\"_blank\" rel=\"noreferrer noopener\">SmartAsset<\/a>]<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"975\" height=\"525\" src=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2022\/02\/image-7.png\" alt=\"Baby boomers save around 9 to 10 percent  of their income for retirement\" class=\"wp-image-16960\" srcset=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2022\/02\/image-7.png 975w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2022\/02\/image-7-768x414.png 768w\" sizes=\"(min-width: 767px) 600px, calc(100vw - 35px)\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-debt-and-credit\"><a><\/a>Debt and credit<\/h2>\n\n\n\n<p>Baby boomers continue to have fairly large debt loads even in their later years, including debts from mortgages, student loans, auto loans and credit cards. As retirement approaches, a lingering question remains as to how baby boomers will pay down their accumulated debts with decreasing or fixed incomes.<\/p>\n\n\n\n<ul>\n<li>Baby boomers have an average mortgage debt of <strong>$191,650<\/strong>. [Source: <a href=\"https:\/\/www.cnbc.com\/select\/how-much-debt-do-baby-boomers-have\/#:~:text=Boomers%20carry%20an%20average%20credit,average%20mortgage%20debt%20of%20%24191%2C650.\" target=\"_blank\" rel=\"noreferrer noopener\">CNBC<\/a>]<\/li>\n\n\n\n<li>Baby boomers hold an average of <strong>$25,812<\/strong> in debt from student loans, auto loans, credit cards and other nonmortgage accounts. [Source: <a href=\"https:\/\/www.cnbc.com\/select\/how-much-debt-do-baby-boomers-have\/#:~:text=Boomers%20carry%20an%20average%20credit,average%20mortgage%20debt%20of%20%24191%2C650.\" target=\"_blank\" rel=\"noreferrer noopener\">CNBC<\/a>]<\/li>\n\n\n\n<li>The average number of credit cards for baby boomers is <strong>3.45<\/strong>. [Source: <a href=\"https:\/\/www.cnbc.com\/select\/how-much-debt-do-baby-boomers-have\/\" target=\"_blank\" rel=\"noreferrer noopener\">CNBC<\/a>]<\/li>\n\n\n\n<li>The average VantageScore for baby boomers is <strong>716<\/strong>. [Source: <a href=\"https:\/\/www.experian.com\/blogs\/insights\/2020\/10\/state-credit-2020\/\" target=\"_blank\" rel=\"noreferrer noopener\">Experian<\/a>]<\/li>\n\n\n\n<li>Average debt for baby boomers <strong>rose by 6.7 percent to $140,887<\/strong> throughout the pandemic while debt held by other generations fell. [Source: <a href=\"https:\/\/www.aarp.org\/money\/credit-loans-debt\/info-2021\/boomers-debt-grew-in-pandemic.html\" target=\"_blank\" rel=\"noreferrer noopener\">AARP<\/a>]<\/li>\n\n\n\n<li>Baby boomers\u2019 personal loan debt is <strong>18 percent higher<\/strong> than the national average. [Source: <a href=\"https:\/\/www.experian.com\/blogs\/ask-experian\/research\/baby-boomers-and-personal-loans\/\" target=\"_blank\" rel=\"noreferrer noopener\">Experian<\/a>]<\/li>\n\n\n\n<li><strong>12 percent <\/strong>of baby boomers have a student loan either for themselves or for someone else. [Source: <a href=\"https:\/\/www.aarp.org\/content\/dam\/aarp\/research\/surveys_statistics\/econ\/2018\/three-generations-student-debt-infographic.doi.10.26419-2Fres.00249.002.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">AARP<\/a>]<\/li>\n\n\n\n<li><strong>33 percent<\/strong> of baby boomers say student loan debt has prevented them from buying a car. [Source: <a href=\"https:\/\/www.aarp.org\/content\/dam\/aarp\/research\/surveys_statistics\/econ\/2018\/three-generations-student-debt-infographic.doi.10.26419-2Fres.00249.002.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">AARP<\/a>]<\/li>\n\n\n\n<li>The average student loan debt for borrowers over age 62 is <strong>$38,625<\/strong>. [Source: <a href=\"https:\/\/www.lexingtonlaw.com\/blog\/loans\/average-student-loan-debt.html\" target=\"_blank\" rel=\"noreferrer noopener\">Lexington Law<\/a>]<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"975\" height=\"488\" src=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2022\/02\/image-8.png\" alt=\"\" class=\"wp-image-16961\" srcset=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2022\/02\/image-8.png 975w, https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2022\/02\/image-8-768x384.png 768w\" sizes=\"(min-width: 767px) 600px, calc(100vw - 35px)\" \/><\/figure>\n\n\n\n<p>Baby boomers are not the only generation with debt, of course, nor are they the only users of credit. Credit usage is rising across all living generations, and many people are looking for ways to increase their credit scores. For those who have had their identity stolen or otherwise have inaccurate information on their credit report, it\u2019s important to make sure your score is being fairly reported. Reach out to the credit repair consultants at Lexington Law Firm to <a href=\"https:\/\/www.lexingtonlaw.com\/our-services\" target=\"_blank\" rel=\"noreferrer noopener\">get help disputing errors on your credit report<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-related-links\"><strong>Related links<\/strong><\/h2>\n\n\n\n<ul>\n<li><a href=\"https:\/\/www.lexingtonlaw.com\/blog\/credit-cards\/american-spending-habits.html\" target=\"_blank\" rel=\"noreferrer noopener\">American spending habits<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.lexingtonlaw.com\/blog\/credit-cards\/teen-spending-habits.html\" target=\"_blank\" rel=\"noreferrer noopener\">Teen spending habits<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.lexingtonlaw.com\/blog\/credit-cards\/college-student-spending-habits.html\" target=\"_blank\" rel=\"noreferrer noopener\">College student spending habits<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.lexingtonlaw.com\/blog\/credit-cards\/generation-z-spending-habits.html\" target=\"_blank\" rel=\"noreferrer noopener\">Gen Z spending habits<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.lexingtonlaw.com\/blog\/credit-cards\/millennial-spending-habits.html\" target=\"_blank\" rel=\"noreferrer noopener\">Millennial spending habits<\/a><\/li>\n<\/ul>\n\n\n\n<p><a href=\"https:\/\/lexingtonlaw.com\/disclaimer\" target=\"_blank\" aria-label=\"undefined (opens in a new tab)\" rel=\"noreferrer noopener\"><strong><em>Note:<\/em><\/strong><\/a><em> Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Baby boomers are known for their economic influence, and we\u2019ve compiled some spending statistics that highlight that fact and more about this generation.<\/p>\n","protected":false},"author":63,"featured_media":12940,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[516],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v18.1 (Yoast SEO v18.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>45+ Baby Boomer Spending Habits Statistics for 2023 | Lexington Law<\/title>\n<meta name=\"description\" content=\"Baby boomers are known for their economic influence, and we\u2019ve compiled some spending statistics that highlight that fact and more about this generation.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.lexingtonlaw.com\/blog\/credit-cards\/baby-boomer-spending-habits.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"45+ baby boomer spending habits statistics for 2023\" \/>\n<meta property=\"og:description\" content=\"Baby boomers are known for their economic influence, and we\u2019ve compiled some spending statistics that highlight that fact and more about this generation.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.lexingtonlaw.com\/blog\/credit-cards\/baby-boomer-spending-habits.html\" \/>\n<meta property=\"og:site_name\" content=\"Lexington Law\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-22T16:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-06-06T20:40:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2019\/08\/couple-writing-hero.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1510\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Lexington Law\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"8 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.lexingtonlaw.com\/blog\/#website\",\"url\":\"https:\/\/www.lexingtonlaw.com\/blog\/\",\"name\":\"Lexington Law\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.lexingtonlaw.com\/blog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/www.lexingtonlaw.com\/blog\/credit-cards\/baby-boomer-spending-habits.html#primaryimage\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2019\/08\/couple-writing-hero.jpg\",\"contentUrl\":\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2019\/08\/couple-writing-hero.jpg\",\"width\":570,\"height\":189},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.lexingtonlaw.com\/blog\/credit-cards\/baby-boomer-spending-habits.html#webpage\",\"url\":\"https:\/\/www.lexingtonlaw.com\/blog\/credit-cards\/baby-boomer-spending-habits.html\",\"name\":\"45+ Baby Boomer Spending Habits Statistics for 2023 | Lexington Law\",\"isPartOf\":{\"@id\":\"https:\/\/www.lexingtonlaw.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.lexingtonlaw.com\/blog\/credit-cards\/baby-boomer-spending-habits.html#primaryimage\"},\"datePublished\":\"2023-03-22T16:00:00+00:00\",\"dateModified\":\"2025-06-06T20:40:40+00:00\",\"author\":{\"@id\":\"https:\/\/www.lexingtonlaw.com\/blog\/#\/schema\/person\/3bdde08475ff103d98185ad2f04d0bcd\"},\"description\":\"Baby boomers are known for their economic influence, and we\u2019ve compiled some spending statistics that highlight that fact and more about this generation.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.lexingtonlaw.com\/blog\/credit-cards\/baby-boomer-spending-habits.html#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.lexingtonlaw.com\/blog\/credit-cards\/baby-boomer-spending-habits.html\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.lexingtonlaw.com\/blog\/credit-cards\/baby-boomer-spending-habits.html#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"All Posts\",\"item\":\"https:\/\/www.lexingtonlaw.com\/blog\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Credit Cards\",\"item\":\"https:\/\/www.lexingtonlaw.com\/blog\/category\/credit-cards\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"45+ baby boomer spending habits statistics for 2023\"}]},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.lexingtonlaw.com\/blog\/#\/schema\/person\/3bdde08475ff103d98185ad2f04d0bcd\",\"name\":\"Lexington Law\",\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/www.lexingtonlaw.com\/blog\/#personlogo\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2024\/07\/cropped-wp-logo-1-96x96.png\",\"contentUrl\":\"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2024\/07\/cropped-wp-logo-1-96x96.png\",\"caption\":\"Lexington Law\"},\"url\":\"https:\/\/www.lexingtonlaw.com\/blog\/author\/lexington-law\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"45+ Baby Boomer Spending Habits Statistics for 2023 | Lexington Law","description":"Baby boomers are known for their economic influence, and we\u2019ve compiled some spending statistics that highlight that fact and more about this generation.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.lexingtonlaw.com\/blog\/credit-cards\/baby-boomer-spending-habits.html","og_locale":"en_US","og_type":"article","og_title":"45+ baby boomer spending habits statistics for 2023","og_description":"Baby boomers are known for their economic influence, and we\u2019ve compiled some spending statistics that highlight that fact and more about this generation.","og_url":"https:\/\/www.lexingtonlaw.com\/blog\/credit-cards\/baby-boomer-spending-habits.html","og_site_name":"Lexington Law","article_published_time":"2023-03-22T16:00:00+00:00","article_modified_time":"2025-06-06T20:40:40+00:00","og_image":[{"width":1510,"height":500,"url":"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2019\/08\/couple-writing-hero.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_misc":{"Written by":"Lexington Law","Est. reading time":"8 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebSite","@id":"https:\/\/www.lexingtonlaw.com\/blog\/#website","url":"https:\/\/www.lexingtonlaw.com\/blog\/","name":"Lexington Law","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.lexingtonlaw.com\/blog\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"ImageObject","@id":"https:\/\/www.lexingtonlaw.com\/blog\/credit-cards\/baby-boomer-spending-habits.html#primaryimage","inLanguage":"en-US","url":"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2019\/08\/couple-writing-hero.jpg","contentUrl":"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2019\/08\/couple-writing-hero.jpg","width":570,"height":189},{"@type":"WebPage","@id":"https:\/\/www.lexingtonlaw.com\/blog\/credit-cards\/baby-boomer-spending-habits.html#webpage","url":"https:\/\/www.lexingtonlaw.com\/blog\/credit-cards\/baby-boomer-spending-habits.html","name":"45+ Baby Boomer Spending Habits Statistics for 2023 | Lexington Law","isPartOf":{"@id":"https:\/\/www.lexingtonlaw.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.lexingtonlaw.com\/blog\/credit-cards\/baby-boomer-spending-habits.html#primaryimage"},"datePublished":"2023-03-22T16:00:00+00:00","dateModified":"2025-06-06T20:40:40+00:00","author":{"@id":"https:\/\/www.lexingtonlaw.com\/blog\/#\/schema\/person\/3bdde08475ff103d98185ad2f04d0bcd"},"description":"Baby boomers are known for their economic influence, and we\u2019ve compiled some spending statistics that highlight that fact and more about this generation.","breadcrumb":{"@id":"https:\/\/www.lexingtonlaw.com\/blog\/credit-cards\/baby-boomer-spending-habits.html#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.lexingtonlaw.com\/blog\/credit-cards\/baby-boomer-spending-habits.html"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.lexingtonlaw.com\/blog\/credit-cards\/baby-boomer-spending-habits.html#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"All Posts","item":"https:\/\/www.lexingtonlaw.com\/blog"},{"@type":"ListItem","position":2,"name":"Credit Cards","item":"https:\/\/www.lexingtonlaw.com\/blog\/category\/credit-cards"},{"@type":"ListItem","position":3,"name":"45+ baby boomer spending habits statistics for 2023"}]},{"@type":"Person","@id":"https:\/\/www.lexingtonlaw.com\/blog\/#\/schema\/person\/3bdde08475ff103d98185ad2f04d0bcd","name":"Lexington Law","image":{"@type":"ImageObject","@id":"https:\/\/www.lexingtonlaw.com\/blog\/#personlogo","inLanguage":"en-US","url":"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2024\/07\/cropped-wp-logo-1-96x96.png","contentUrl":"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2024\/07\/cropped-wp-logo-1-96x96.png","caption":"Lexington Law"},"url":"https:\/\/www.lexingtonlaw.com\/blog\/author\/lexington-law"}]}},"featured_media_src_url":"https:\/\/www.lexingtonlaw.com\/blog\/wp-content\/uploads\/2019\/08\/couple-writing-hero.jpg","_links":{"self":[{"href":"https:\/\/www.lexingtonlaw.com\/blog\/wp-json\/wp\/v2\/posts\/12933"}],"collection":[{"href":"https:\/\/www.lexingtonlaw.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lexingtonlaw.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lexingtonlaw.com\/blog\/wp-json\/wp\/v2\/users\/63"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lexingtonlaw.com\/blog\/wp-json\/wp\/v2\/comments?post=12933"}],"version-history":[{"count":20,"href":"https:\/\/www.lexingtonlaw.com\/blog\/wp-json\/wp\/v2\/posts\/12933\/revisions"}],"predecessor-version":[{"id":21469,"href":"https:\/\/www.lexingtonlaw.com\/blog\/wp-json\/wp\/v2\/posts\/12933\/revisions\/21469"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.lexingtonlaw.com\/blog\/wp-json\/wp\/v2\/media\/12940"}],"wp:attachment":[{"href":"https:\/\/www.lexingtonlaw.com\/blog\/wp-json\/wp\/v2\/media?parent=12933"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lexingtonlaw.com\/blog\/wp-json\/wp\/v2\/categories?post=12933"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lexingtonlaw.com\/blog\/wp-json\/wp\/v2\/tags?post=12933"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}