12 Surprising Ways Baby Boomers are Spending Their Money

Money in, money out. Just what are baby boomers spending money on these days?

group of happy senior couples on beach
Updated July 18, 2024
Fact checked

We receive compensation from the products and services mentioned in this story, but the opinions are the author's own. Compensation may impact where offers appear. We have not included all available products or offers. Learn more about how we make money and our editorial policies.

Baby boomers hold roughly 51% of the wealth in the United States. It makes perfect sense to check out not just how much money baby boomers have, but what they’re spending that money on every year.

A common assumption is that baby boomers never spend money and prefer conservative investments only.

But you might be surprised to find that the generation is spending like the rest of us — and even throwing their money away. Here are 12 ways baby boomers are spending their money.

If you’re over 50, take advantage of massive discounts and financial resources

Over 50? Join AARP today — because if you’re not a member you could be missing out on huge perks. When you start your membership today, you can get discounts on things like travel, meal deliveries, eyeglasses, prescriptions that aren’t covered by insurance and more.

How to become a member today:

  • Go here, select your free gift, and click “Join Today”
  • Create your account (important!) by answering a few simple questions
  • Start enjoying your discounts and perks!

Important: Start your membership by creating an account here and filling in all of the information (Do not skip this step!) Doing so will allow you to take up 25% off your AARP membership, making it just $12 per year with auto-renewal.

Become an AARP member now


whitcomberd/Adobe an aerial shot of urban houses

Housing is still at the top of the list. Even if baby boomers have a fully paid-off house, they still have to take care of property taxes, repairs, maintenance, etc.

Across the United States, property taxes are on the rise as cities scramble to fund schools and other municipal services.

Want to learn how to build wealth like the 1%? Sign up for Worthy to get ideas and advice delivered to your inbox.

Dining out

Robert Kneschke/Adobe senior couple looking at a restaurant menu

Dining out is one of the top priorities for not just baby boomers, but for millennials and Gen Z as well.

Consumers consider going out to restaurants a top form of entertainment, but it isn’t just dining out that forms a big chunk of spending.

Delivery services like DoorDash and Uber Eats are also forming part of that dining-out budget, especially as contactless delivery demand increases.

Gym memberships

Travis/Adobe set of dumbbells' in a gym

Fitness is a high priority for baby boomers. So it makes sense that this generation is spending money on gym memberships for a few reasons.

For one, the gym helps them stay in good shape but it can also help stave off serious health conditions like osteoporosis. The gym is also a great place to make connections and stay social, something that helps maintain mental health.

Finally, the gym provides healthy challenges to keep the mind sharp and active.

Resolve $10,000 or more of your debt

Credit card debt is suffocating. It constantly weighs on your mind and controls every choice you make. You can end up emotionally and even physically drained from it. And even though you make regular payments, it feels like you can never make any progress because of the interest.

National Debt Relief could help you resolve your credit card debt with an affordable plan that works for you. Just tell them your situation, then find out your debt relief options.1

How to get National Debt Relief to help you resolve your debt: Sign up for a free debt assessment here. (Do not skip this step!) By signing up for a free assessment, National Debt Relief can assist you in settling your debt, but only if you schedule the assessment.

Try it


Alessandro Biascioli/Adobe senior travelling on a yacht holding hands

Travel isn’t just for baby boomers, but given that they have the time to take more trips, it makes sense that they want to travel more and make it a priority on their list.

Baby boomers value experiences, and the experience of getting away from home to try new things and create memories is extremely important.


fabiomax/Adobe cup of coffee placed on a table with coffee beans

It doesn’t sound like it would be a top spending category, but coffee is one of the top splurges for baby boomers.

Going beyond just Folgers, boomers are looking for the best coffee money can buy, and they don’t mind making it a regular purchase.

Gifts for family and friends

colnihko/Adobe gift boxes wrapped in brown paper

This is a generation that wants to create fond memories, so it makes sense that giving gifts to family and friends is incredibly important.

Honoring milestones like new births, graduations, and first housewarmings are all important opportunities for gift-giving, and baby boomers step up to the occasion.


bongkarn/Adobe digital devices on desk

Contrary to popular belief, baby boomers are much more tech-savvy than the stereotypes give them credit.

Indeed, more seniors are embracing technology as a way to make new connections, stay in touch with family, and be much more mobile than their parents were in the past.

Smartphones, tablets, and smart home components like Ring doorbells and Alexa-equipped speakers are growing in popularity.


JPC-PROD/Adobe jars with medicines

Like other arenas of health, seniors aren’t afraid to invest in supplement purchases, which ultimately become recurring purchases by design.

Once you find a supplement that works, you want to keep taking it, creating a monthly purchase that can add up.

From supplements that are supposed to address aging to others for low energy, supplements are a multi-billion business in the US, and there’s no sign of that changing anytime soon.

New clothes

alotofpeople/Adobe senior couple shopping in a mall

While millennials and Gen Z get all of the attention for clothes shopping, baby boomers do quite a bit of hunting for new clothes on their own.

Not only do seniors spend good money on clothing, but they’re also driving a new retail renaissance. They want to do their shopping in stores, where they can try on clothes easier and evaluate fabric options in person.

Earn cash back on everyday purchases with this rare account

Want to earn cash back on your everyday purchases without using a credit card? With the Discover®️ Cashback Debit Checking account (member FDIC), you can earn 1% cash back on up to $3,000 in debit card purchases each month!2

With no credit check to apply and no monthly fees to worry about, you can earn nearly passive income on purchases you’re making anyway — up to an extra $360 a year!

This rare checking account has other great perks too, like access to your paycheck up to 2 days early with Early Pay, no minimum deposit or monthly balance requirements, over 60K fee-free ATMs, and the ability to add cash to your account at Walmart stores nationwide.

Don’t leave money on the table — it only takes minutes to apply and it won’t impact your credit score.

Apply for a Discover Cashback Checking account today

Pets and pet accessories

pololia/Adobe senior lady sitting on her couch with dog

A dog might be man’s best friend, but seniors are looking to make sure that their best friends are well taken care of.

Pet care is a huge industry with multiple offshoots, from veterinary care to training, all the way up to pet outfits to allow the four-legged members of the pack to match their owners.


THANANIT/Adobe young man raising hand in lecture room

It might surprise some to find that baby boomers spend money on education, but there are a few points of interest.

Indeed, education isn’t just for their personal development. Baby boomers are looking to help the younger members of their families achieve their dreams.

Paying for education-related expenses can help bridge the gaps high school and college students face.

Personal care products and services

Seventyfour/Adobe old lady having head massage at a spa centre

Personal care products and services cover a wide range of goods, from customized shampoo and conditioner sets up to facials, fillers, waxes, massages, and services from medical spas.

Wellness is a wide category, and baby boomers feel spending money on personal care is money well spent.

Bottom line

pressmaster/Adobe senior man smiling at a notepad

While baby boomers are not the only generation spending money, their spending habits do influence products and services across a wide variety of industries.

Of course, spending habits only cover part of the story. Being a baby boomers might mean not just spending, but increased costs that come with aging as well.

So be smart about your choices and think of ways to avoid wasting money to secure a future where you can stay financially fit and enjoy your golden years with ease.

For more spending insights, take a look at our article on male vs. female spending statistics.

Choice Home Warranty Benefits

  • First month free
  • Protection for unexpected expense
  • 24/7 claims hotline
  • Network of over 15,000 technicians