Where Do Baby Boomers Spend Their Money

US Markets Loading... H M S

5 things millennials are paying for that their parents never would have dreamed of spending money on

Millennials are spending money on lifestyle choices their parents didn't even dream of.
Some of these things, like therapy and plastic surgery, were viewed as taboo by baby boomers.
Others, like egg freezing and the rental economy, only became available or mainstream as millennials came of age.
Visit Business Insider's homepage for more stories.

Millennials are living a life their parents never dreamed of, and it's all because of what they choose to spend their money on.

The generation is paying for things that were previously seen as taboo by their parents, like therapy and plastic surgery. Social media has helped normalize both of these for millennials.

Millennials' are also paying for different lifestyle choices as a result of the economy and technological advancements they grew up in. As this generation waits to have kids at a later age than previous generations, taking time to first find their footing in the world, they're turning to egg freezing to help them delay starting a family.

That's not to mention their preference for renting. From clothing and furniture to hotels and rideshares, millennials have come to prefer non-ownership for its flexibility and ability to let them spend within their means.

Here are five lifestyle choices millennials are paying for that their parents couldn't — or wouldn't — spend money on.

Millennials are more likely to attend therapy than their parents were.

Depression is on the rise among millennials, but the generation is addressing it head-on by helping to destigmatize therapy. While previous generations also attended therapy, it was a more taboo subject for them; millennials are more open to talking about and attending therapy.

"Today's 20- and 30-somethings turn to therapy sooner and with fewer reservations than young people did in previous eras," Dr. Peggy Drexler, a psychologist, wrote in an essay for The Wall Street Journal.

Celebrities such as Demi Lovato and Lady Gaga, who have been open about their depression struggles, and conversations on social media have also helped normalize therapy, Drexler wrote.

In fact, they're renting everything.

But it's not just wardrobes that millennials are renting. They're renting out all aspects of their lives: There's Airbnb for travel, Lyft for transportation, and Fernish for furniture, among other things. That's not to mention other aspects of the share economy, like streaming services such as Netflix and Hulu , which millennials have turned to in order to cope with burnout.

In an article for The Times, Sapna Maheshwari wrote: "Many young American urbanites have resigned themselves to a life of non-ownership." These days, everything is up for lease, she said.

As the market strategists at ConvergEx Group wrote in a note to clients, "Renting and sharing allow us to live the life we want without spending beyond our means."

More: Features Millennials Millennial trends BI Select

For you