Heres how much you spend after receiving your paycheck and how Gen Z, Millennials use it: survey

The average American spends more than a third of their paycheck within the first 12 hours of receiving it, according to new research.A survey of 2,000 employed Americans split evenly by generation revealed that this was especially true for millennials, one of the highest spending generations today, who spend an average of 40% within those first few hours – more than any other group.Still, for the average American, by 48 hours, nearly 48% of the average paycheck is already spent.Most of that early spending goes towards essentials.More than half of respondents said they cover groceries or necessities (52%) as soon as they receive their paycheck.

Others pay bills due within the week (48%), and 42% take care of major obligations like housing or credit cards.About one in three also knock out smaller bills, such as utilities or subscriptions (32%).That leaves just over half of each paycheck (52%) to stretch across the rest of the pay cycle.

This may be why only 28% prioritize putting money into savings immediately.Conducted by Talker Research on behalf of EarnIn, the survey also revealed that some Americans have payday down to a science.Nearly two in five millennials (38%) map out their spending in advance, while a third of Gen X (32%) even time their payments to the moment their paycheck arrives.Still, a little more than one-third of all respondents (34%) admit they overspend in the days following payday, with 52% of Gen Z and 45% of millennials sharing the same sentiment.Of those, the main driver for overspending is that their bill due dates are stacked disproportionately earlier in the month (31%), followed by having overdue bills (30%).Gen Z respondents reported feeling distinct external pressures tied to payday.One in five (22%) said they feel compelled to spend as soon as money lands in their account, and 18% admit they spend to “keep up” with friends who earn more.The survey revealed that most respondents (52%) are paid on a bi-weekly basis, and nearly thr...