Millennials Spending Habits
Survey reveals the spending habits of Millennials (spoiler: they like coffee and eating out)
New research from LendEDU shows that 27% of Millennials dole out more money paying for coffee monthly than they save for retirement in that same time period. But while 37% of Millennials admitted to putting no money away each month for their Golden Years, the average one who does, saves $480 a month for retirement using a “401(k), savings account, or another method.”
As for how the research was carried out, Pollfish surveyed 1,000 American Millennials (ages 22 to 37) for the company.
How much Millennials spend monthly, versus saving for retirement
Keeping the monthly retirement savings average of $480 in mind, let’s take a look at how much Millennials’ monthly expenses reportedly compare to that amount:
Coffee: $38/month
27% spend more on this monthly than they save for retirement
27% spend nothing on this item
Alcohol: $75/month
27% spend more on this monthly than they save for retirement
32% spend nothing on this item
Marijuana: $39/month
11% spend more on this monthly than they save for retirement
75% spend nothing on this item
Restaurants: $163/month
49% spend more on these monthly than they save for retirement
6% spend nothing on this
Groceries: $281/month
65% spend more on these monthly than they save for retirement
3% say they spend nothing on this
Online streaming services: $18/month
26% spend more on these monthly than they save for retirement
26% spend nothing on this
Concerts, sports and more: $49/month
15% spend more on these monthly than they save for retirement
54% spend nothing on these activities
Tobacco, vaporizer, or JUUL products: $43/month
17% spend more on these monthly than they save for retirement
63% spend nothing on this
New clothing: $82/month
32% spend more on these monthly than they save for retirement
21% spend nothing on these
Music streaming services: $7/month
12% spend more on these monthly than they save for retirement
61% spend nothing on this
Working out: $23/month
11% spend more on this monthly than they save for retirement
60% spend nothing on this
“Retirement is something I mildly obsess over because I understand my generation might not have access to social security. I prefer to put money in my 401(k) versus setting it aside in a separate retirement savings account because then I don’t have to think about saving versus spending – it takes away the decision and forces me to save,” Bridget Devine, a PR manager in her twenties, told LendEDU. Devine says she puts 14% of the money she earns from working into her 401(k).
https://www.theladders.com/career-ad..._source=member
