Older doesn't always equal wiser.
In fact, millennials seem to be pretty thrifty, buying more but spending less on average than baby boomers or Gen Xers, according to a new report from TD Bank. While they make more frequent purchases and go out twice as often, people ages 18 to 34 spend about a quarter less than both older generations.
Millennials mainly direct their money toward retail and dining purchases, the report found. They eat out about 13 times a month on average and spend about $100 monthly on dining. Meanwhile Gen Xers and boomers spend around $120 and $140 per month, respectively, despite eating out only about half as often as younger folks.
"[Young people] are more cost conscious," said New York-based financial planner Douglas Boneparth. "They're more astute to value."
There is, however, one item millennials can't quite get enough of: coffee. Buying coffee nearly twice as often as older generations, young people spend about $80 per month on cups of Joe, well above the overall average of $67.