11 Things Gen Z Stopped Spending Money On That Older Generations Keep Paying For
Not everyone shares the same financial values.
CarlosBarquero | Shutterstock While there's been more discussions about generational differences between Gen Zers and older demographics like baby boomers in the realm of politics, social issues, and personal values, there's no denying the stark financial decisions that characterize these differing age groups. While Gen Zers are more intentional about investing in experiences and seeking out the financial literacy they weren't awarded in school, older cohorts operate under a "sacrifice and save" mentality.
But that's not all, because there are also several things Gen Z stopped spending money on that older generations keep paying for, fueled by differing financial opinions, personal values, and priorities. While they may look different for different generations, there's no starkly "right and wrong" way to spend your money when you're prioritizing personal values, which is what fuels many of Gen Z's investments and spending habits.
Here are 11 things Gen Z stopped spending money on that older generations keep paying for
1. Cable TV
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According to a 2023 Statista survey, out of 71% of U.S. adults still spending money on cable TV packages, only 18% were Gen Zers. With increased digital accessibility, social media, and streaming services like Netflix and Hulu, many younger generations simply don't feel the need to invest in cable anymore, watching sports, their favorite shows, and content creators on other platforms.
Of course, there's an element of familiarity and comfort in cable TV for demographics like baby boomers, like many of the other things Gen Z stopped spending money on that older generations keep paying for, that encourages them to continue spending their money on it.
While streaming services can be cheaper than cable TV in many cases, many older generations prefer to stick with what they're familiar with — acknowledging that it takes a great deal of time, energy, and effort to re-learn how to find their favorite shows or channels on alternative platforms.
2. Traditional bank fees
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Compared to older generations like baby boomers that have grown accustomed to using in-person banks to support their financial habits — like depositing money, cashing a check, or seeking financial advice — Gen Zers have largely adopted mobile banking services, according to a Javelin Strategy & Research survey.
In addition to being more likely to open several different accounts with different banks, rather than having one singular home branch, Gen Z is much more likely to do all of their banking online, avoiding some of the subtle bank fees like opting for paper statements or traditional maintenance fees.
Considering Gen Zers are largely yearning for financial guidance and literacy, they're also more social- and app-driven than their older counterparts, using financial influencers, online banking services, and money assistance platforms to best structure and influence their financial stability.
3. Lottery tickets
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According to a Bankrate survey, baby boomers who gamble are more likely than any other age demographic to purchase lottery tickets, followed by millennials and Gen Xers. Despite the influence age plays on these spending habits, research suggesting low income people spend 33 times more of their income on lottery tickets than other income brackets illuminates a much broader issue.
Of course, there's a great deal of nuance that adds to conversations about things Gen Z stopped spending money on that older generations keep paying for, especially when it comes to lottery tickets.
Not only have they largely been labeled a symbol of "systemic racism" and "consumer financial fraud," by experts like Les Bernal, national director for Stop Predatory Gambling, they're dangerous — not necessarily towards specific age demographics, but income brackets.
Offering up a false promise of wealth and prosperity, lottery tickets and the gambling industry at large profit off of consumer fears, especially for older generations like Gen Xers and baby boomers that are struggling to support themselves financially in retirement or in the process of saving to retire.
Gen Zers, while still struggling financially, are more likely to collectively demonize these institutional toxicities, with accessible information and discussions on social media able to influence and educate them from a young age.
4. Luxury cars
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According to a report on luxury spending, Gen Zers only make up around 10% of the market's consumers, compared to nearly 40% for baby boomers and 40% for millennials.
From investing in luxury cars as a display of wealth, designer clothes as a "reward" for working hard, or even subtle purchases like unnecessary home furnishings, older generations are still spending on luxury goods, compared to Gen Zers who are largely experience-focused with their money.
Of course, despite being one of the things Gen Z stopped spending money on that older generations keep paying for — whether out of financial necessity or not — this luxury spending doesn't characterize all older generations as inherently ostentatious.
In fact, many older generations, like baby boomers, grew up in a culture founded on ideas of hard work and "grit," encouraging them to work hard so they could afford luxury "rewards" like a new car or a showy wardrobe later in life.
5. Homeownership
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Research from the National Association of Realtors found that Gen Zers make up only 3% of U.S. homeowners, compared to older generations like baby boomers who make up more than 30%.
While there have certainly been social shifts in homeownership amongst younger generations who are more interested in spending money on traveling and living a more nomadic lifestyle, these disproportionate homeownership rates are also largely influenced by financial strain and struggle.
According to a survey conducted by IPX 1031, 87% of Gen Zers are financially unable to purchase a home, shielded out by rising interest and mortgage rates, an unstable job market, and even things like overwhelming student debt and lacking financial literacy.
Like any other generation, Gen Z is experiencing a very unique situation entering adulthood, with its own struggles and strains. Unfortunately, for many young adults today, it's more financial and economic than anything else.
6. Diamonds
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From purchasing brand new jewelry to investing in traditional engagement rings, diamonds have become one of the things Gen Z stopped spending money on that the older generation keep paying for. Outside of Gen Z couples being more cost-conscious, struggling through unique economic strains and turmoil, young people have largely stopped investing in the status symbols that other generations value.
Preferring to make second-hand purchases on accessories and luxury items like jewelry, Gen Zers are just less likely to come across authentic diamonds in the wild.
Coupled with the ethical dilemmas and debates around sourcing diamonds — a kind of social and humanitarian issue that many Gen Zers are more prone to acknowledging as a result of heightened online information accessibility — it's not surprising that they're less willing to invest in this traditional jewel.
7. Print newspapers and magazines
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Even alongside digital accessibility, social media, and technological devices, older generations like baby boomers are still investing in and digesting paper media formats like newspapers and magazines, according to an investigation by Media Manager.
While this consumption data is certainly a discussion of comfort and familiarity — as traditional print media is what many older generations grew up with — it's also a debate around trust and reliability.
According to data from Pew Research Center, Gen Zers are more likely to trust social media platforms as their primary source of news and information, compared to older generations like baby boomers.
While the print media industry has certainly faced adversity in the face of digital accessibility, some experts suggest that Gen Zers are coming around to the reemergence of print media formats like magazines, especially alongside other "traditional" fads like the digital camera, print book clubs, and tangibility of media formats like newspapers.
8. Traditional officewear
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While Gen Z's collective challenge of traditional workwear expectations and corporate standards is a point of contention and controversy between generations, it also illuminates their spending habits and priorities.
Compared to older generations in the workplace, Gen Z is much less likely to invest in traditional officewear — think: a rigid suit set, blazers, and button downs — preferring to rework and express themselves in the office with their own closets.
Focused on comfort, self-expression, and purpose at work, it's clear that Gen Zer's general values are reflected in the things they choose to spend their money and time on.
9. Stamps
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While there have been recent shifts in Gen Z's adoption of print media and handwritten letters, baby boomers still consistently spend more on things like postage and stamps, whether it's personal letters in the mail or paying their bills through the mail, compared to younger generations that do most of their banking online.
According to a study from the United States Postal Service, baby boomers view mail as an integral part of their personal lives and relationships, arguing that it's both a daily ritual of discovery and feels consistently "more personal" than digital communication online.
Like many of the other things Gen Z stopped spending money on that older generations keep paying for, it's not simply a matter of financial priorities, but integral personal values and moments of nostalgia, comfort, and familiarity that fuels generational disparities over consumption.
10. Greeting cards
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According to the Greeting Card Association, there's been a massive resurgence of consumption in the industry following the pandemic, largely fueled by millennials and Gen Xers using greeting cards as a means of communication and connection in their relationships.
However, with the accessibility of social media, Gen Z continues to form communities and connect with others online, massively decreasing their tendency to spend on paper products like greeting cards.
Of course, there are still many instances where Gen Zers will still invest in greeting cards — from supporting small businesses, to investing in local artist's work, and even purchasing birthday gifts — but in their daily lives, it's online connection that drives them to communicate with friends and family.
11. In-store clothes shopping
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Over the past few years, Gen Z has largely transitioned from investing in fast fashion in places like the mall to shopping almost entirely online or second-hand shopping through thrift stores. According to a Statista survey, 60% of baby boomers prefer to do their shopping in-person, with just over 20% opting for online shopping, while nearly 40% of Gen Zers do the majority of their shopping online.
Especially with growing accessibility to online marketing, influencer recommendations, and the e-commerce integrations Gen Zers are navigating on platforms like TikTok, it's not entirely surprising that younger generations are encouraged to do their shopping online. They're more trusting of online retailers compared to older generations, but it's also more convenient and instantly gratifying amid their chaotic routines.
Zayda Slabbekoorn is a staff writer with a bachelor's degree in social relations & policy and gender studies who focuses on psychology, relationships, self-help, and human interest stories.