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Millenials spend more on coffee than saving for retirement: Survey
In recent years, coffee has become a hot and brewing topic among millennials. Be it used as morning fuel, a pretext for hanging out, or to beautify their Instagram feeds, the beverage plays an important role in the lives of these 18 to 35-year-olds—apparently, even more so than saving for their retirement.
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A recent survey by investing app Acorns suggests that there is a correlation between millennials’ poor money-saving habits and their inflated coffee consumption. (Shutterstock/File)
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n recent years, coffee has become a hot and brewing topic among millennials. Be it used as morning fuel, a pretext for hanging out, or to beautify their Instagram feeds, the beverage plays an important role in the lives of these 18 to 35-year-olds—apparently, even more so than saving for their retirement.
A recent survey by investing app Acorns suggests that there is a correlation between millennials’ poor money-saving habits and their inflated coffee consumption. In fact, almost half of millennials have splurged more money on coffee than on retirement investing.
According to Acorns, “44 percent of female millennials spent more on their morning fix than they did putting money aside this year. What’s more is that this number is almost 10 percent higher than the number of millennial males with the same habit in the same time frame. This evens out to about 41 percent of all users surveyed."
(Read also: Four reasons millennials remain at workplaces)
As reported by Vice, the survey also found that 41 percent of older millennials (24 to 35-year-olds) speculate that they will not be “financially secure enough to retire until they are older than 65.”
Jacob Funk Kirkegaard from the Peterson Institute for International Economics commented that a more realistic planning target for millennials' retirement was 70-72 years old instead of 65.
"Many need to drastically change their financial behaviors and start saving towards retirement, something that may be more difficult because a combination of low-interest rates and what could be an end to the multi-decade bull market in the future," he added as quoted by USA Today. (nik/kes)
