You can skip this part if you’ve heard it before: “Millennials are spending too much money on coffee, avocado toast, and fun and not enough on housing, cars, and retirement.”
Are millennials unprepared for life’s important financial milestones like retirement? Or are we exceedingly under the microscope, subjects to the 24/7 news cycle? Were past generations more financially-disciplined while between the ages of 22 and 37?
Surveying 1,000 Americans within that above age range, LendEDU sought out to discover monthly millennial spending habits on things like coffee, groceries, and online streaming services; we then stacked those expenditures up against their monthly retirement savings.
Upon analyzing the data, we came away with the following key findings:
- Amongst millennial respondents that were saving for retirement, the average amount saved per month was $480. Meanwhile, 37% of millennials indicated that they were not saving for retirement.
- With 27% of millennials having no monthly coffee expenditure, those that did were spending $38 per month on the beverage. Further, 27% of millennials were spending more on coffee per month than retirement.
- Only 6% of the generational respondents were not spending on dining out each month. Amongst those that were, the average amount spent per month was $162. While, 49% of millennials were spending more on restaurants and dining out than they were saving for retirement per month.
Full Results From the Survey
1,000 millennial Americans (ages 22-37) revealed how much they save for retirement each month through their 401(k), savings account, or another method. They were then asked to estimate how much they spend per month on common 2018 expenses. We then compared the numbers…
How much do millennials save for retirement each month?
- According to our survey, the average millennial saves $480 per month for retirement
- 37 percent of millennial respondents do not save for retirement on a monthly basis
How much do millennials spend on coffee each month?
- According to our survey, the average millennial spends $38 per month on coffee
- Based on each millennial’s unique answer, 27 percent of them spend more on coffee each month than they save for retirement
- 27 percent of millennials do not spend money on coffee each month
How much do millennials spend on alcohol, including at bars and in liquor stores, each month?
- According to our survey, the average millennial spends $75 per month on alcohol
- Based on each millennial’s unique answer, 27 percent of them spend more on alcohol each month than they save for retirement
- 32 percent of millennials do not spend money on alcohol each month
Continue reading at the Lendedu.com blog: https://lendedu.com/blog/millennial-retirement-spending-study/
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Tags: Payroll
