5 Services That Gen X Spends Money On That Millennials and Gen Z Don’t
Written by
Cindy Lamothe
Edited by
Chris Cluff
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Every generation spends money differently and it’s fascinating to know exactly what those differences are. Thankfully, experts spell it out for us.
“Generational spending differences often reflect deeper societal shifts, particularly in technology adoption and lifestyle choices,” said Dennis Shirshikov, finance professor and head of growth at Go Summer. “Gen X, for instance, still prefers traditional media subscriptions, such as cable television and print newspapers.”
“They grew up in an era where these were primary sources of information and entertainment, leading to a certain loyalty or comfort with these mediums,” Shirshikov said. “In contrast, millennials and Gen Z are more inclined to digital solutions like streaming services and online news platforms, which offer on-demand content at often lower costs and with more personalization.”
Below are more services that Gen X spend their money on that millennials and Gen Z don’t.
Traditional Cable TV
“Gen Xers grew up with cable TV packages as the primary source of their entertainment,” explained Kevin Huffman, personal financial expert and owner of Kriminil Trading. “They are used to paying a bundled monthly rate for a wide variety of channels.”
On the other hand, he said, millennials and Gen Z have embraced the streaming era.
“They like the freedom to subscribe to the streaming platforms of their choice and pay only for the content they want to watch,” Huffman said.
Erik Croak, certified financial planner and president of Croak Capital, agrees with this tendency.
“Even with all the digital stuff we have now, folks in Generation X still stick to their TVs and radios,” Croak said. “But Gen Z and millennials prefer streaming on Netflix, YouTube and Disney+ using their smart TVs, not the old-school way. Gen Z especially hardly watches traditional TV — they’re more on hanging out online and watching shows.
“Gen Xers, on the other hand, really like their cable TV and network shows because it reminds them of the old times,” Croak added. “They watch a mix of news, sitcoms and dramas to keep entertained and informed. And radios? Gen X still enjoys listening to talk shows and classic tunes, especially during drives or while at work.”
Landline Phones
“While landline phones are becoming a thing of the past, a lot of Gen Xers still have them for various reasons,” Huffman said. “Maybe they use them for business calls or just feel secure to have a normal phone line.”
“Millennials and Gen Z who are used to mobile communication, see the landline phones as an extra cost.”
Full-Coverage Auto Insurance
According to Huffman, full-coverage car insurance (collision and comprehensive) is often the norm for Gen Xers still paying off their vehicles or owning older cars with higher replacement value.
“Millennials and Gen Z who might own less expensive vehicles or are leasing cars might opt for more affordable liability-only coverage, especially if they tend to use rideshare services more often.”
Face-to-Face Banking
“Gen Xers are happy to go into a bank to make a transaction or receive financial advice from a live person,” Huffman said.
Millennials and Gen Z, however, have embraced online and mobile banking and are perfectly fine with managing their money electronically, he added.
Printed Newspapers and Magazines
“Gen X was the generation that was using newspapers and magazines as the main source of information and entertainment,” Huffman explained. “Many of them are still using these or buy the printed copies to get their daily routine or read any kind of articles which they love to read.”
In comparison, he said, millennials and Gen Z use digital news sources and online publications, which are more convenient and mostly free.
“Underlying many of these trends is the fact that Gen X grew up in a period of economic unease and on-premise finance,” he explained, “while millennials and Gen Z came of age amid accelerated digitalization and on-demand business models — and expect their finances to be as flexible, cheap and easy as the rest of their lives.”
Croak agrees, adding, “A lot of Gen Xers have had magazine subscriptions for years and always look forward to flipping through the new pages.”
He said this preference ties back to a sense of nostalgia and tradition.
“Some even have lifetime subscriptions!” Croak said. “Maybe it sounds old-fashioned, but there’s something about the feel of paper in their hands that they love. Millennials and Gen Z? They mostly stick to online articles and get their news from social media or directly on websites. They rarely pick up a physical magazine or newspaper.”
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