The Personal Finance Podcast – Episode Summary

Podcast: The Personal Finance Podcast
Host: Andrew Giancola
Episode: The 7 Worst Money Trends (By AGE!)
Date: December 22, 2025

Overview

In this episode, Andrew Giancola dives deep into the seven worst money trends by age group (20s, 30s, 40s, and 50s), spotlighting the habits and pitfalls that can derail your financial well-being at different stages of life. Andrew offers actionable advice, eye-opening statistics, and relatable anecdotes—all in his down-to-earth, motivational style—to help listeners take charge of their finances and avoid costly errors.

Key Discussion Points & Insights

Trends in Your 20s

1. Sports Gambling as a “Side Hustle”

• Sports betting is on the rise, especially among young men.
• 1 in 5 young men bet weekly; average losses are $1,200/year.
• Andrew’s advice: Only bet as affordable entertainment and set strict limits.
• “If you’re spending $1,200 per year but you’re not investing in your Roth IRA, my friends, that is a huge problem.” (07:12)

2. Buy Now, Pay Later (BNPL) Pitfalls

• BNPL usage is up 215% since 2020 among 20-somethings.
• 43% of users pay late; people spend 20–30% more than with cash/credit.
• Leads to “micro debt stacking” and scattered payments, destroying budget discipline.
• “Avoid buy now, pay later at all costs. I don’t think anybody should be using buy now, pay later. It’s a very dangerous game to play.” (11:15)

3. Living a Luxury Lifestyle on a Starter Income

• Average 20-something salary: $34k–$38k/year; rent: $2,000–$2,400/month (nearly 40% of income).
• Spending too much on housing early sacrifices compounding years for wealth.
• Watch out for “lifestyle creep.”
• Use resources like the Wealth Builders Matrix to see the value of investing early.

4. Crypto as a Primary Investing Plan

• 55% of Gen Z investors hold crypto; only 18% invest in low-cost index funds.
• Crypto volatility poses huge risks; only a small portion of your portfolio should be in crypto.
• “The only crypto that I think is currently stable right now is Bitcoin... That is just not a good, sound financial plan long term.” (17:50)

5. Not Saving for Retirement

• 72% of 20-somethings save $0 for retirement.
• Even $200/month between ages 22–30 = ~$470,000 by 65 (compound interest magic!).
• Delaying costs you 2.5x the monthly contribution later to catch up.

6. Living Off Credit Cards

• Gen Z credit card debt is up 50% since 2021.
• Average revolving balance: $3,000; mainly spent on dining, travel, entertainment.
• “Never carry a credit card balance... Credit card debt is the absolute worst thing for your long-term financial health.” (21:47)

7. Constant Upgrades (Electronics & Apparel)

• Average spend: $1,500/year on electronics, $1,800/year on apparel.
• Death by 1,000 cuts—small unnecessary purchases eat into savings rates.

Trends in Your 30s

1. Becoming House Poor

• 38% of Americans in their 30s spend more than recommended on housing (over 30% of income).
• Andrew’s advice: Never buy a home for the max loan amount. Use total cost of ownership calculators.

2. Keeping Up with Friends’ "Highlight Reels"

• 48% say social media causes overspending.
• Discretionary spending on kids’ activities rises; average parent spends $3k/year.

3. Delaying Investing Until “Things Calm Down”

• 2/3 of people in their 30s aren’t on track for retirement.
• 45% delay because life is “too busy.”
• Automate investing to ensure consistency.

4. Not Protecting Your Income

• Only 14% of millennials have disability insurance.
• 60% of families with kids lack sufficient life insurance.
• “If somebody depends on your income, you need to have term life insurance.” (37:26)

5. Letting Kids’ Costs Explode

• Cost to raise a child: $20k/year; 72% of parents overspend on child activities.
• “If you’re overspending on youth sports but not saving for retirement, your priorities are completely mixed up.” (39:44)

6. Staying in Underpaid Jobs

• Biggest earning growth is in 30s and 40s.
• Job-switching = 8–13% wage increases; staying = 2–4%.
• “People who change companies every two to three years earn 50% more per decade on average.” (42:53)

7. Overspending on the Big Three: Homes, Cars, Food

• Housing, transportation, and food are where most overspending happens.
• Mastering these categories frees up funds for other goals.

Trends in Your 40s

1. Massive Lifestyle Inflation

• Household spending peaks at ages 45–54; spending increases 20–40% compared to 30s.
• “As your income rises, lifestyle inflation follows unless you’re conscious about your spending.” (31:37)

2. Not Catching Up on Retirement Savings

• Median retirement balance: $89k (not enough).
• By 40, aim for 2–3x your salary saved; catching up means saving much more each month.

3. Ignoring Tax Planning

• Few use HSAs or Roth conversions.
• Lack of tax efficiency can cost $1,700+/year.

4. Ignoring Health Until a Crisis

• Health problems rise at 45; average healthcare inflation: 7%.
• Preventative wellness is crucial for future financial stability.

5. Prioritizing Kids Over Retirement

• 63% would go into debt for their kids; 70% prioritize college over their own retirement.
• “There are no loans for retirement, and your kids are going to be taking care of you if you don’t prioritize it.” (36:15)

6. Holding Too Much Cash

• People in their 40s have 3x more cash than recommended.
• Hold ~6 months’ expenses, otherwise invest for growth.

7. No Plan for Aging Parents

• 53% are “sandwich generation” (supporting kids and parents).
• 62% give financial support to parents; $7–10k/year average out-of-pocket.
• Start planning and discussing elder care before crisis hits.

Trends in Your 50s

1. Not Taking Retirement Seriously Until It's Urgent

• Median balance: $189k; 45% of 50-somethings have no retirement savings.
• 50s are your last chance for catch-up contributions and serious planning.

2. Staying in High-Fee Financial Products

• 1% advisor fees can eat up 28%+ of portfolio; actively managed funds and annuities are also costly.

3. Avoiding Hard Financial Conversations

• 52% of couples haven’t discussed how much they need to retire.
• Regular money talks double retirement confidence.

4. Carrying Debt Into Retirement

• Average 50+ has $9,000 in credit card debt; mortgage balances have doubled since 2000.

5. No Healthcare Strategy

• Avg. couple will spend $315k on healthcare in retirement; 70% will need long-term care.

6. Overestimating Ability to Work Forever

• 50% of retirees leave work earlier than planned (health/job loss).

• “Folks who say things like ‘I’ll just work longer’—that’s not a retirement plan.” (53:45)

7. Taking on Big Financial Burdens Late (Supporting Adult Kids, Co-signing Loans)

• 36% of parents 50+ support adult children financially.
• Avoid new/debt-heavy commitments that could imperil retirement.

Notable Quotes & Memorable Moments

• “If you’re maxing out your accounts, hitting all your financial goals, go ahead and put a very small portion of your income towards sports bets for entertainment. But if you’re not hitting retirement goals and you’re sports betting, it makes zero sense.” — Andrew (09:15)
• “Credit card debt is the absolute worst thing for your long-term financial health.” — Andrew (21:47)
• “People who change companies every two to three years earn 50% more per decade on average.” — Andrew (42:53)
• “There are no loans for retirement; your kids will have to take care of you if you don’t.” — Andrew (36:15)
• “Folks who say things like ‘I’ll just work longer’—that’s not a retirement plan.” — Andrew (53:45)

Timestamps for Important Segments

• Intro & Purpose – 00:53
• 20s Trends, Sports Gambling – 01:30
• Buy Now, Pay Later – 10:35
• Luxury Lifestyle/Starter Income – 13:53
• Crypto Investment – 17:36
• Retirement Neglect (20s) – 20:07
• Credit Card Reliance – 21:37
• Constant Upgrades – 23:00
• 30s Trends, House Poor – 24:45
• Social Media & Comparison Spending – 25:53
• Delaying Investing – 28:33
• Income Protection (30s) – 34:47
• Kids' Costs Out of Control – 39:44
• Underpaid Jobs – 42:30
• Spending on the Big Three – 44:09
• 40s Trends, Lifestyle Inflation – 45:44
• Catching Up on Retirement – 47:00
• Tax Planning Neglect – 48:11
• Health Oversight – 49:20
• Supporting Kids Over Retirement – 52:11
• Holding Too Much Cash – 53:22
• Aging Parents (Sandwich Gen.) – 54:08
• 50s Trends, Retirement Urgency – 55:31
• High-Fee Products – 57:08
• Avoiding Financial Conversations – 58:24
• Debt in Retirement – 59:31
• Lack of Healthcare Planning – 01:00:07
• Cannot Work Forever – 01:01:07
• Financial Burdens Late in Life – 01:01:45
• Closing Out – 01:02:55

Final Thoughts

Andrew wraps up the episode with encouragement for listeners to self-reflect and take strategic action, no matter their age. He underscores the importance of starting early, making informed decisions, and routinely reevaluating your financial plan to safeguard your future. The episode is packed with facts, relatable stories, and concrete steps—ideal for anyone serious about dodging common financial traps and taking control of their financial destiny.