Necessities cost Millennials 143.22 hours of work a month

With the rising cost of living, it's not surprising to see that Millennials will have to work longer and harder than previous generations. But, exactly how long do they have to work to afford their expensive lifestyles filled with daily Starbucks runs, restaurant dinners, Uber trips, and their love for new tech?

According to calculations in a new GOBankingRates study, using the 40-hour workweek, the typical Millennial would need to work about 143.22 hours a month - slightly more than three and a half weeks - to afford the basic necessities of rent, utilities, health insurance, groceries, a tank of gas, monthly internet, and a typical student loan.

While the study was conducted in the United States, the theme hits close to Malaysia, where an earlier study by JobStreet.com found 98% of 1,454 employees are urging employers for pay increases of 5% to 50%. This demand could have been fuelled due to the implementation of of Goods and Service Tax (GST). Another 90% of the local employees disclosed that they are unable to cope with their daily expenses.

Here's how many hours Millennials need to work to afford their current lifestyles:

Monthly utilitiesEstimated cost: US$146.38Equivalent number of work hours: 9.45 hours

Health insurance monthly premiumEstimated cost: US$314 per monthEquivalent number of work hours: 20.27 hours

One month of groceriesEstimated cost: US$334.09Equivalent number of work hours: 21.57 hours

Full tank of gasEstimated cost: US$33.29Equivalent number of work hours: 2.15 hours

Typical student loan monthly paymentEstimated cost: US$280Equivalent number of work hours: 18.08 hours

Monthly internetEstimated cost: US$50.92Equivalent number of work hours: 3.29 hours

Monthly rentEstimated cost: US$1,059.51 per monthEquivalent number of work hours: 68.41 hours

ALSO READ: Rising living costs worry 85% of Singapore’s employees

Here are some other Millennial "essentials" GOBankingRates listed out:

Food and drinks

Starbucks venti caffe latteEstimated cost: US$4.15Equivalent number of work hours: 0.27

Bottle of wineEstimated cost: US$10Equivalent number of work hours: 0.65 hours

Dinner at a restaurantEstimated cost: US$39.40Equivalent number of work hours: 2.54 hours

McDonald’s Big MacCost: US$3.99Equivalent number of work hours: 0.26 hours

Chipotle chicken burritoEstimated cost: US$6.50Equivalent number of work hours: 0.42 hours

ALSO READ: Why Malaysia might be attracting fewer expatriates

Travel

Uber tripEstimated cost: US$13.36Equivalent number of work hours: 0.86 hours

Subscriptions

Spotify premium membershipCost: US$9.99 per monthEquivalent number of work hours: 0.64 hours

Netflix subscriptionCost: US$9.99 per monthEquivalent number of work hours: 0.64 hours

Entertainment

Movie ticketEstimated cost: US$8.42Equivalent number of work hours: 0.54 hours

Disneyland ticketEstimated cost: US$105 (“regular” ticket)Equivalent number of work hours: 6.78 hours

Beyonce ‘Lemonade’ album on iTunesCost: US$17.99Equivalent number of work hours: 1.16 hours

Taylor Swift concert ticketsEstimated cost: US$111.90Equivalent number of work hours: 7.23 hours

Upgrades

Pair of new Nike running shoesEstimated Cost: $74.48Equivalent number of work hours: 4.81 hours

iPhone 6s (16 GB)Cost: US$649Equivalent number of work hours: 41.90 hours

Want to know how much you're working to afford your "essentials"? Here's the formula:

Cost of the item / Your hourly pay = Number of hours you must work to pay for that item

"While many Millennials fork over half of their income – or more – per month for rent and other bills, there is always a band concert or iPhone upgrade looming in the distance," said Kristen Bonner, lead research on the GOBankingRates study.

"We hope that our study findings will put into perspective the true costs associated with being a young adult today, and help millennials struggling with a budget to realise that some of those 'essentials' might just not be worth it."

Image: 123RF