Survey reveals the spending habits of Millennials

Survey reveals the spending habits of MillennialsSurvey reveals the spending habits of MillennialsNew 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 anotzu sich 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 retirementKeeping the monthly retirement savings average of $480 in mind, lets take a look at how much Millennials monthly expenses reportedly compare to that amountCoffee $38/month27% spend more on this monthly than they save for retirement27% spend nothing on this elementAlcohol $75/month27%spend more on this monthly than they save for retirement32% spen d nothing on this itemMarijuana $39/month11%spend more on this monthly than they save for retirement75% spend nothing on this itemRestaurants $163/month49% spend more on unterstellung monthly than they save for retirement6% spend nothing on thisGroceries $281/month65% spend more on these monthly than they save for retirement3% say they spend nothing on thisOnline streaming services $18/month26%spend more on these monthly than they save for retirement26% spend nothing on thisConcerts, sports and more $49/month15% spend more on these monthlythan they save for retirement54% spend nothing on these activitiesTobacco, vaporizer, or JUUL products$43/month17% spend more on these monthlythan they save for retirement63% spend nothing on thisNew clothing $82/month32% spend more on these monthlythan they save for retirement21% spend nothing on theseMusic streaming services $7/month12% spend more on these monthlythan they save for retirement61% spend nothing on thisWorking out $23/month11% spend more on this monthly than they save for retirement60% spend nothing on thisRetirement 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 dont 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. Devinesays she puts 14% of the money she earns from working into her 401(k).