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.

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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).

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