Baby Boomers are living it up, splurging on cruises and restaurants. Younger Americans are struggling just to keep up.
Bank of America's internal data shows a "significant gap" in spending has opened recently between older and younger generations.
"It's fairly unusual," David Tinsley, senior economist at the Bank of America Institute, told CNN in a phone interview. Spending increased by 5.3% for Traditionalists and 2.2% for Baby Boomers. In contrast, spending fell by about 1.5% for younger generations.
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