Millennials spend more money on coffee than for retirement savings: Survey

Millennials spend more money on coffee than for retirement savings: Survey
PHOTO: The Business Times

Aside from the obvious boost that caffeine provides, the allure of drinking a cup of coffee has somehow become a part of everyday lifestyle-or in some cases an addiction-of today's growing number of millennials.

The most popular of these caffeine-induced drinks usually come from upscale coffee chains, which of course, are commonly served at a steeper price than usual.

Due to these circumstances, a recent survey was conducted and it has found a link between the millennials' copious coffee consumption and their notoriously bad money-saving habits.

Based on the survey done by online analytics company SurveyMonkey, almost half of today's people aged between 18 to 34 have spent more of their hard-earned money on coffee than on any form of retirement investing.

Done under the guidance of investing app Acorns, the survey "Money Matters" observed the spending habits of 1,900 millennials and classified the results based on varying factors, including gender.

As it turns out, young women proved to be the more frivolous bunch when it comes to satisfying their caffeine cravings.

"A staggering 44 per cent of female millennials aged 18-35 spent more on their morning fix than they did putting money aside this year," Acorns revealed, as relayed by food review website, Munchies.

"What's more is that this number is almost 10 per cent higher than the number of millennial males with the same habit in the same time frame. This evens out to about 41 per cent of all users surveyed."

To tie up their findings, the research also collated data regarding the millennials' perceived age of retirement and at what point they believe they would be comfortable enough financially to retire.

Over 41 per cent of older millennials, aged 24 to 35, predicted that they won't be "financially secure enough to retire until they are older than 65," hence proving their perceived nonchalant approach towards saving money for the future.

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