HOBOKEN, N.J.–A new study has found that when it comes to saving for retirement, a quarter of all Millennials spend more getting a caffeine fix every month than they do putting money away for retirement.
The study, released by LendEDU, surveyed 1,000 Americans age 22-37 about their
monthly retirement saving habits vs. other expenses in their lives and found:
- 37% of Millennials were not saving for retirement. Those that were saving save an average of $480 per month for retirement.
- 27% of the Millennial respondents were spending more on coffee each month than they were saving for retirement. The average amount spent on coffee was $38, while 27% of Millennials did not have a monthly coffee expense.
- 49% of Millennials were spending more on restaurants and dining out each month than they were saving for retirement. The average amount spent on restaurants and dining out was $163, while 6% did not have a monthly restaurant expense.
- 32% of Millennials were spending more on clothes each month than they were saving for retirement. The average amount spent on new clothes was $82, while 21% did not have a clothes expenditure month-to-month.
The full study can be found here. https://lendedu.com/blog/millennial-retirement-spending-study/