Millennials are so obsessed with coffee that they are actually spending more on their triple-hot venti-caramel-whatevers than actually putting into savings for retirement. And I don’t mean a good old fashioned cup of Folgers, they’re throwing down 5-6 dollars or more every day for something from a coffee shop.
An investing app, called Acorns, decided to do some research, so they had a survey conducted, targeting the age group 18-35 years of age (that’s what they consider “millennial” apparently). They even broke it down into gender, and, without further ado, the results are as follows.
Women, aged 18-35, actually spend more on coffee than men of the same age. 44% of women who responded to the survey claim they spend more on coffee than retirement. Of the men who responded, about 25% of them spend more on coffee than retirement.
The article on Munchies points out the irony in the trend, considering the millennial mindset of independence, alluding to the fact they won’t be able to retire as early as someone who planned ahead for it.
Save your cash, throw it into savings, and before you know it you’ll have a pretty decent savings ready to go for you.