What Are Millennials Choosing to Buy Over Saving for Retirement?
According to the National Institute for Retirement Security, only about 34% of Millennials are saving for retirement. So, what are they spending their money on? The average 25 to 34-year old spent over $2k last year on coffee alone!
Additionally, another $1,800 went to their health and wellness. Not to mention, nearly $3k on restaurants.
41% of millenials admitted to spending more on coffee ($2,008) in the past year than they had invested in their retirement accounts. https://t.co/V7F3Ea3GLu via @thesimpledollar
— Kasasa (@Kasasa) August 27, 2018
While some of these things may not seem essential, gasoline ran this generation on average $3k a year and cell phone plans being another $2k.
How is your math? Right there is almost $12,000!
Do you already contribute to a retirement or savings plan? Does retirement seem too far away to be worried about saving for?
