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Who needs to have money for retirement when you can spend it now?
Thirty-two percent of young people spend more on clothes each month than saving for retirement. And 37 percent admit they aren’t saving anything at all, says a new survey from LendEDU.
“Albeit a small sample size of just 1,000 millennials, the results of this survey do not paint as bleak of a picture as some may suggest regarding millennial retirement saving habits,” the survey says. “With an average monthly retirement saving of $480 per month, there is certainly room for the generation to improve, but that is certainly not a bad start.”
Respondents noted the savings came from employer-sponsored 401(k)s, savings accounts, or something else. Then they estimated how much they spend per month on common expenses, like coffee, groceries, and more. Here are the frivolous items millennials would rather spend on monthly than save for retirement…
- Coffee and alcohol: 27 percent
- Marijuana and exercise expenses: 11 percent
- Online services like Netflix: 12 percent
Of course, food was a large portion of millennials’ budget. The average young person spends about $281 a month on groceries and $163 a month on dining out. Nearly half of…
