Millennials seeking to retire early might want to try a new game.
According to a recent report from ATT’s All Home Connections, members of the millennial generation, those people born during the last two decades of the 20th century, will spend $66,048 on gaming over the course of a lifetime, assuming they start paying for their own gaming expenses at 16 years old and live to the age of 80, or the life expectancy for the average American. That amounts to a monthly gaming spend of $86, or $1,032 a year.
By comparison, the report shows Gen Xers, those Americans born between 1965 and 1980, are shelling out $62 monthly or $744 each year to satisfy their gaming needs, totaling a lifetime expense of $47,616. Gen Zers, those born between 1981 and 1996, reportedly spend $80 monthly and $960 yearly for a lifetime sum of $66,048.
Baby boomers, generally defined as those born from 1946 to 1964 during the post–World War II baby boom, tend to spend the least on games. Boomers spent $52 each month or $624 yearly for a lifetime total of $39,936, according to the report.
The All Home Connections team conducted research on gamers’ spending habits by surveying 1,000 American gamers to determine how much the average gamer spends on gaming in a lifetime compared to streaming, fitness and travel and to learn which generation spends the most.
So how much would those millennials save for their golden years if they put down those joysticks and saved instead?
Quite a bit, it turns out.
If millennials invested that same $86 per month that they spend on gaming at a 6% rate of return from ages 16 to 65, they would have $307,306 by the time they retire. That’s nearly five times the amount that the average millennial has saved for retirement, according to ATT.
Comparatively, boomers would add $185,813 to their nest eggs by giving up gaming, while Gen Xers and Gen Zers would add $221,546 and $285,866, respectively.
Talk about reducing uncertainty while shooting for a high score!
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