Fat and broke is no way to enter the golden years, but a new survey suggests that the huge swath of Americans known as millennials are headed in that direction.
According to the survey from LendEDU, 49 percent of millennials spend more eating out than they save for retirement. That 49 percent spends $163 a month on restaurants and dining out.
And a sizable 37 percent are not saving for retirement at all. Those that are saving put away an average of $480 per month for retirement.
The survey asked retirement and spending questions of 1,000 between the ages of 22 and 37, and found that consumables are very popular for millennials.
Daren Blonski, 37-year old millennial financial planner and and founder of Enso Wealth Management, told LendEDU that his generation is finding a balance between workaholics and sloths.
“There is a balance between saving and creating experience as we live. Many millennials have watched their grandparents and parents work and save only to retire and not have their health intact to enjoy retirement. Thus our generation is placing more value on experience now, and less on waiting until we retire. Personally, I see social expenses as investing in experience. Life is about creating experience and enjoying the journey, not working to maybe one day be able to enjoy it.”
Some findings pulled directly from the survey, the average millennial spends:
- $38 per month on coffee.
- $75 per month on alcohol.
- $39 per month on marijuana.
- $281 per month on groceries.
- $49 per month on concerts, sporting events, and other events.
- $43 per month on tobacco, vaporizer, or JUUL products.
- $7 per month on music streaming services.
- $23 per month on gym or exercise expenses.
