ECONOMICS
BUDGETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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20%
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80%
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60%
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40%
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Detailed explanation-1: -The 35-to 64-year-old group had, on aver-age, the highest level of total expenditures ($42, 236) and spent more than the other two household groups in all major expenditure categories except for alcoholic beverages, health care, and cash contributions.
Detailed explanation-2: -Overall in 2021, Gen X (anyone born from 1965 to 1980) spent the most money of any U.S. generation, with an average annual expenditure of $83, 357. The second biggest spenders are Millennials with an average annual expenditure of $69, 061. Image: Visual Capitalist.
Detailed explanation-3: -Middle-income households contribute the most to consumption. Middle-income households contribute the most to the aggregate consumption in the economy.
Detailed explanation-4: -According to the BLS survey, the largest expenditures were housing and transportation, which comprised 26 percent and 13 percent of people’s take-home pay, respectively. Another big spending category was food, to which 10 percent was devoted.