Survey: Millennials are the worst tippers of any age group

A picture taken on June 20, 2012 at a restaurant in Quimper, western France, shows fork and knife on an invoice indicating the two Value-added tax (VAT) 7.0 and 19.6 percent rate. AFP PHOTO / FRED TANNEAU (Photo credit should read FRED TANNEAU/AFP/GettyImages)

In addition to wrecking casual chain restaurants, the diamond industry, movies, and (really) cereal, it turns out millennials are also bad tippers.

That’s the conclusion drawn from a recently released survey of 1,000 consumers by CreditCards.com. The survey says the millennial generation — those ages 18 to 37 — are cheap when it comes to taking care of restaurant servers.

10 percent of millennials admitted that they typically leave no tip for their server. That’s a dismal number compared to the 3 percent of respondents who are older.

“People have jobs, but they’re not getting raises, and life is just expensive, especially when you’re carrying student loan debt or other types of debt,” Matt Schulz, a senior industry analyst for CreditCards.com, told Yahoo Finance.  “The other side of it is that we’ve seen a lot of data that shows millennials generally are pretty conservative when it comes to their own money. And that makes plenty of sense because they bear the scars of coming up coming of age during the during the Great Recession and it makes sense that those memories and those experiences would have a really big impact on what they think and what the do forever.”

The survey revealed that the median tip left by millennials is 15 percent — three percent less than the overall median of 18 percent.

Those over age 38 tend to be more generous tippers, according to the survey; 51 percent of responders say they leave a 20 percent tip.

Source: Yahoo Finance