Baby boomers spending more than younger generations

COLUMBIA, S.C. (CNN)—When it comes to living large, baby boomers are at the top of the list.

Meanwhile, younger Americans are struggling just to keep up.

Internal data from Bank of America shows a “significant gap” in spending has opened recently between older and younger generations.

While baby boomers and the generation before them are spending their money on traveling and fancy restaurants, Gen X, Gen Z and millennials are cutting back as they grapple with high housing costs and looming student debt payments.