So much for saving money at home.
While the COVID-19 shutdown may have slashed a few dollars in your morning commute or paused your daily latte addiction, a new report found that the coronavirus pandemic has Americans spending more at home than pre-pandemic times.
CreditCards.com compiled a report finding that work-from-home employees are spending an average of $182 more on groceries and $121 more on utilities per month during the pandemic. While families are saving money on things like child care ($34), gas, and dining out, those forced to work remotely are spending an average of $108 more per month during the pandemic.
“Surprisingly, average expenses have gone up for people working from home, but it’s a trade-off most are very happy with,” said Ted Rossman, industry analyst at CreditCards.com, in a press release.
“Most workers seem content to skip the commute and potentially work in their pajamas, even if it means spending more on food and utilities.”
Millennials spent the most out of all generations. Compared with Gen-Xers and Baby boomers, Millennials spent $208 more per month, while Gen-Xers and Baby Boomers spent $2 and $24 less, respectively.
Parents with children under 18 racked up an additional $173 per month, while couples spent an average of $103 more monthly.
Breaking it down on household income, those earning $40,000 annually spent $151 more per month, while those sitting between $40,000-$80,000 spent $147 more. Households with incomes north of $80,000 spent just $60 more than usual.
While there have been opportunities to save, 38% of respondents said they planned to save or invest most of it, while 29% planned on spending money on everyday expenses.
Just 2% said they were spending on luxury items.
The survey compiled responses from more than 2,7000 adults during the COVID-19 pandemic in late-May.