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Despite being anxious about their financial future, a new report by Acorns found that Millennials spent more on coffee than investing in their retirement in the past year.
According to the report, of 1,900 Millennials aged 18-35 surveyed, 41.29% admitted to spending more on coffee than they invested in their retirement. (As a point of reference, the average American spends about $1,100 a year on coffee.)
To make things worse, 73% admitted to not having a monthly budget, while only 60% said they have a general sense of where their money goes each month.
With the rising cost of living today, unsurprisingly, when thinking about their financial future, 39.15% of Millennials felt anxious, while only 22.55% felt confident.
Additionally, 41% of older Millennials (age 24-35), predicted that they won’t be financially secure enough to retire until they are older than 65.
One of the reasons they feel they aren’t able to save enough for retirement might be due to debts that they have yet to pay off. The survey revealed that debt was Millennial’s top financial concern last year (40.02%). This was followed by daily expenses (31.08%), while retirement came in last place with 5.38%.
Speaking of debts, the survey also asked Millennials what they were willing to do to pay off a $10,000 debt.
A majority of Millennials revealed that they would give up meeting their favorite celebrity (46.21%). Shockingly, this was followed by 30% of them choosing to forgo social media for six months.
Almost two in 10 (16.54%) would be willing to skip eating dinner out for six months, and interestingly, almost one in 10 Millennials would opt to go to jail for a week to pay off a $10,000 debt.
Photo / iStock