Americans spending more on dining out and travel

Americans are spending an average of $765 a month more this year than in 2020 as they visit restaurants more frequently and take vacations that they previously put off due to pandemic-related restrictions. Increased spending is being particularly seen by younger consumers, according to a survey of 1,000 U.S. adults by MassMutual. Paul LaPiana, a certified financial planner and senior executive at MassMutual, said younger adults “seem to be rushing to the door to get out and start living their lives again instead of making more disciplined decisions, including putting some away, just because they’ve been missing out for the last year and a half.”