Now more than ever, financial literacy is important. These young professionals are already a huge force shifting their professional and personal spending priorities to match their lifestyles and future goals. A closer look at the financial behaviors of various individuals reveals how they manage their income, prioritize expenses, and invest in their futures. This article examines the financial profiles of a food production company buyer, a data scientist at a bank, and a customer service adviser for a campervan rental company.
The food production company’s primary buyer spends over 80% of their salary on basic needs like housing. They make a remarkable investment in their own health and well-being. They spend an average of $40 per month on gym memberships, which shows their dedication to staying physically fit. At a monthly rent of $1,700—$850 apiece—the housing costs are a huge expense.
Likewise, the new buyer’s utility costs only amount to $78 per month. This would break down to $45 for phone services, $25 for internet, plus an extra $8 for renters’ insurance. These costs drive home the need to stay connected and protected in our increasingly online world.
Diverse Income Sources and Monthly Expenditures
Meanwhile, the data scientist hired by a financial institution commands a starting salary of $72,000 per year. This healthy six-figure income opens the doors to much more discretionary spending than the other young professionals we’ve featured in this series so far. Exhibit 4 Spending on travel by the data scientist per year. That illustrates both a hunger to explore and a thirst to adventure beyond the four walls of work.
The frontline customer service advisor with a major campervan rental company makes $2,800 a month. This ambitious salary requires strategic money management to cover extensive upcoming monthly costs. $80 isn’t small potatoes, it includes $40 for electricity and $40 for internet access. These costs are unavoidable in everyday life and imperative to staying in the workplace.
Food costs are a big factor in the budgeting lifestyle of these young whippersnappers as well. The new customer service adviser books $140 a month worth of groceries. This figure represents a realistic approach to nutrition that recognizes the need for balance and budget considerations. They do spend $100 a month on restaurant meals, which gives them the pleasures of social dining without breaking the bank.
Healthcare and Personal Care Spending Trends
Healthcare costs are a major concern for these folks as well. In the case of a customer service adviser, medical costs are expected to be an average of $309 per month. This investment not only increases health care access and affordability, but highlights the increasing importance of these factors to young adults’ voting preferences.
The food production company’s buyer values self-care and looks good, spending $175 a month on personal grooming. This allocation demonstrates a pretty clear prioritization of personal appearance over personal well-being. Young professionals increasingly appreciate this quality of life boon, in their private lives and professional lives.
Clothing is the biggest item in their budgets. The agricultural products company consumer invests $42 per month on clothing and $53 monthly on food as they keep up with their club membership. They spend $15 a month on their Spotify subscriptions. This demonstrates how much they love music and entertainment in their free time.
Savings and Financial Planning
And even with all the different ways to spend, saving still needs to be a big part of financial planning for these pros. The new customer service adviser is able to contribute $1,230 per month towards retirement savings. This new step signals that they get it—that being truly ready means investing in a future with financial security for all.
The resulting range of spending habits of these creation economy members represent different pressures and priorities that stem from their professions and personal choices. Some spend the majority on travel and personal care, while others prioritize basics of daily living and savings.