Over 4 in 5 U.S. Adults Spend Money on at Least One of Six Financial Vices
February 6, 2025
Half typically spend money on these financial vices at least once a month, and nearly one-third do so at least once a week
NEW YORK – February 6, 2025 – More than 4 in 5 U.S. adults (84%) spend money on at least one of these six financial vices: alcohol, lottery tickets, casino games, tobacco/cigarettes/e-cigarettes, sports betting, and marijuana/recreational cannabis. Additionally, 50% typically spend money on these financial vices at least once a month, while 32% tend to do so at least once a week. Click here for more information:
https://www.bankrate.com/credit-cards/news/financial-vices-survey/
Out of the six financial vices included in Bankrate’s survey, the most popular are buying alcohol (66%) and lottery tickets (64%). These are followed by casino games (40%; e.g. blackjack, roulette, craps, etc.), tobacco/cigarettes/e-cigarettes (30%), sports betting (29%), and marijuana/recreational cannabis (28%). Overall, 70% of U.S. adults say they participate in a type of gambling (lottery tickets, casino games, or sports betting), including 25% who do so monthly.
Gen Xers (ages 45-60) are most likely to buy lottery tickets (72%) and alcohol (69%). Gen Zers (ages 18-28) are most likely to spend money on sports betting (49%) and casino games (44%), while millennials (ages 29-44) are most likely to buy tobacco/cigarettes/e-cigarettes (43%) and marijuana/recreational cannabis (35%).
Most Americans who spend money on financial vices plan to spend the same or less in 2025, compared with 2024.
| Spend more in 2025 vs. 2024 | Spend less in 2025 vs. 2024 | Spend about the same in 2025 vs. 2024 | |
|---|---|---|---|
| Sports betting* | 22% | 36% | 42% |
| Marijuana/recreational cannabis* | 21% | 33% | 47% |
| Tobacco/cigarettes/e-cigarettes* | 20% | 36% | 44% |
| Alcohol* | 12% | 34% | 54% |
| Lottery tickets* | 14% | 29% | 58% |
| Casino games* | 15% | 41% | 44% |
*Includes those who currently spend money on each financial vice
“I certainly don’t want to shame people for their spending habits, but it’s key to take a look at where your money is going and how your spending is impacting your long-term financial goals,” said Bankrate Senior Industry Analyst Ted Rossman. “It’s worth noting that only about two in five Americans can afford to pay for a $1,000 emergency expense from their savings, while roughly half of credit cardholders carry debt from month to month at an average interest rate north of 20 percent.”
Cash is the most popular payment method for five out of the six financial vices, with alcohol being the only one where consumers prefer a different payment method (a debit card). About 3 in 4 (76%) use cash to pay for lottery ticket purchases, while 62% use it for marijuana/recreational cannabis, 61% for casino games, 51% for tobacco/cigarettes/e-cigarettes, and 41% for sports betting. Of those who buy alcohol, 44% typically pay with a debit card and 42% tend to use cash.
“It’s fine to have some fun and engage in the occasional splurge, but it’s important to do so within the constraints of a solid budget,” Rossman added. “By all means, set aside some fun money, but make sure you’re also checking off other priorities such as saving for a rainy day and paying down high-cost debt.”
Methodology:
This survey has been conducted using an online interview administered to members of the YouGov Plc panel of individuals who have agreed to take part in surveys. All figures, unless otherwise stated, are from YouGov Plc. The total sample size was 2,115 U.S. adults. Fieldwork was undertaken between December 16-18, 2024. The survey was carried out online and meets rigorous quality standards. It gathered a non-probability-based sample and employed demographic quotas and weights to better align the survey sample with the broader U.S. population.
About Bankrate
Bankrate has guided savers and spenders through the next steps of their financial journeys since 1976. Whether it’s rates or information on mortgages, investing, credit cards, personal loans, insurance, taxes or retirement, the company offers various free resources to help consumers reach their goals. From product comparison tools to award-winning editorial content, Bankrate provides objective information and actionable next steps. Bankrate also aggregates rate information from over 4,800 institutions on more than 300 financial products, with coverage in more than 600 local markets. It ’s why over 100 million people put their trust in Bankrate every year.
For more information:
Abby Yarber
Public Relations Specialist
abby.yarber@bankrate.com
(704) 697-1372
Bankrate