CHARLOTTE, N.C. — About half of millennials and Gen Z made a New Year’s resolution centered around health and fitness, according to the latest survey from CompareCards. In fact, 38% of millennials and 41% of Gen Z have had or are currently dealing with credit card debt due to fitness-related expenses.
- Younger consumers trade financial health for physical fitness. About 4 in 10 millennial and Gen Z respondents have been in credit card debt due to spending on fitness and nutrition — that’s higher than the overall 28% of Americans who said the same.
- Social media is more likely to influence young adults to splurge on getting fit. Over a quarter of Gen Z and 17% of millennials admit they are driven by social media influencers to spend money on fitness and nutrition. Across all ages, that number is 13%.
- They say good health is a wise investment. It’s all about the results, with 43% of Gen Z and 38% of millennials saying they are willing to spend more than they can afford on fitness and nutrition so long as they get healthier.
- Binging on subscriptions could be bad for your financial diet. One in four Americans have at least one subscription-based fitness or diet expense. That number jumps to two in five among Gen Z, and slightly over 1 in 3 millennials.
According to the survey, 33% of Americans (46% of Gen Z, 44% of millennials) make fitness-related purchases and the average monthly cost is $124.40 per month. The most common fitness expenses among spenders include:
- Gym membership (76%)
- Workout attire (32%)
- Equipment (22%)
- Mobile apps (22%)
- Personal trainer (13%)
- Boutique fitness classes (13%)
- ClassPass (8%)
Subscription-based fitness or diet expenses are a growing trend as well, with 1 in 4 Americans saying they have at least one. That number jumps to 4 in 10 among Gen Z, and slightly over 1 in 3 of millennials.
On average, among the 43% of consumers who spend on diet and nutrition (not counting grocery shopping), they say it costs them $57.53 per month. These expenses, which are more common among younger consumers, include:
- Nutritionist (overall 12%)
- 16% of millennials and 14% of Gen Z
- Cleanses (overall 10%)
- 18% of Gen Z and 13% of millennials
- Personalized meal plans (overall 10%)
- 14% of Gen Z and millennials
What’s more, of the 28% of survey respondents who said they’re currently dieting, 45% said their grocery spending has increased, too.
How to balance fitness and nutrition needs without overspending
Staying healthy is an important part of life for many – but it’s important for your finances to be healthy, too. Here are some ways to stay in financial shape:
- Maximize cash back credit cards. Just 18% of respondents said they were earning rewards from their fitness and nutrition spending. If you’re going to use credit, you might as well get something in return, assuming balances can be paid off each month.
- Make a budget. It’s easy to go overboard on long-term commitment gym memberships and diet plan subscriptions if you’re not careful. Just like you count calories, give yourself a fitness budget and track your spending.
- Find cheaper alternatives. At-home workouts are frequently shared across social media platforms with little to no fitness equipment. Instead of spending over $100 per month on classes or gym memberships, consumers can stash away their savings for a major purchase, pay off debt, build an emergency fund or save for retirement.
- Consider 0% Intro APR cards to finance expensive fitness equipment. If you’re considering pricey gym equipment, an interest-free period can give you some breathing room to pay off the balance without tacking on additional cost, as long as you don’t carry a balance after the introductory period.
To view the full report and for more information, visit www.comparecards.com/blog/half-of-gen-z-and-millennials-plan-to-donate-political-campaign-2020/.
CompareCards’ mission is to help people make smarter, more informed, healthier financial decisions based on deeper knowledge of financial offers. Each month, over 2.9 million visitors come to CompareCards’ website to independently compare credit cards side-by-side and choose a credit card based on interest rate, reward benefit, cost savings, and other factors that are important to each person. CompareCards provides easy-to-use, objective tools and educational resources that help people do everything from making credit card comparisons to managing their credit health. For more information, please visit http://www.comparecards.com.