Millennials are a bunch of carefree, entitled scamps with the highest standard of living (by far) of any previous generation, and therefore irresponsible beyond belief about saving for their future—or so we’re told.
How well does the stereotype hold? Consumer loan website LendEDU decided to find out, and took stock of where the youngins’ are spending their cash.
“Are millennials unprepared for life’s important financial milestones like retirement?” LenEDU rightly asks. “Or are we exceedingly under the microscope, subjects to the 24/7 news cycle? Were past generations more financially-disciplined while between the ages of 22 and 37?”
Surveying 1,000 Americans within that above age range, LendEDU sought out to discover monthly millennial spending habits on things like coffee, groceries, and online streaming services; it then stacked those expenditures up against their monthly retirement savings.
Here are the key findings:
Among millennial respondents that were saving for retirement, the average amount saved per month was $480. Meanwhile, 37 percent of millennials indicated that they were not saving for retirement.
With 27 percent of millennials having no monthly coffee expenditure, those that did were spending $38 per month on the beverage (if, like us, you’re wondering about booze, it can be found below).
Further, 27 percent of millennials were spending more on coffee per month than retirement.
Only 6 percent of the generational respondents were not spending on dining out each month.
Among those that were, the average amount spent per month was $162. While, 49 percent of millennials were spending more on restaurants and dining out than they were saving for retirement per month.
Full Results from the Survey
How much do millennials save for retirement each month?
- According to our survey, the average millennial saves $480 per month for retirement
- 37 percent of millennial respondents do not save for retirement on a monthly basis
How much do millennials spend on coffee each month?
- According to our survey, the average millennial spends $38 per month on coffee
- Based on each millennial’s unique answer, 27 percent of them spend more on coffee each month than they save for retirement
- 27 percent of millennials do not spend money on coffee each month
How much do millennials spend on alcohol, including at bars and in liquor stores, each month?
- According to our survey, the average millennial spends $75 per month on alcohol
- Based on each millennial’s unique answer, 27 percent of them spend more on alcohol each month than they save for retirement
- 32 percent of millennials do not spend money on alcohol each month
How much do millennials spend on marijuana each month?
- According to our survey, the average millennial spends $39 per month on marijuana
- Based on each millennial’s unique answer, 11 percent of them spend more on marijuana each month than they save for retirement
- 75 percent of millennials do not spend money on marijuana each month
How much do millennials spend on restaurants or dining out each month?
- According to our survey, the average millennial spends $163 per month on restaurants or dining out
- Based on each millennial’s unique answer, 49 percent of them spend more on restaurants or dining out each month than they save for retirement
- 6 percent of millennials do not spend money on restaurants or dining out each month
How much do millennials spend on groceries each month?
- According to our survey, the average millennial spends $281 per month on groceries
- Based on each millennial’s unique answer, 65 percent of them spend more on groceries than they save for retirement
- 3 percent of millennials do not spend money on groceries each month
How much do millennials spend on online streaming services (i.e. Netflix) each month?
- According to our survey, the average millennial spends $18 per month on online streaming services
- Based on each millennial’s unique answer, 26 percent of them spend more on online streaming services each month than they save for retirement
- 26 percent of millennials do not spend money on online streaming services each month
How much do millennials spend on concerts, sporting events, and other events each month?
- According to our survey, the average millennial spends $49 per month on concerts, sporting events, and other events
- Based on each millennial’s unique answer, 15 percent of them spend more on concerts, sporting events, and other events each month than they save for retirement
- 54 percent of millennials do not spend money on concerts, sporting events, and other events each month
How much do millennials spend on tobacco, vaporizer, or JUUL products each month?
- According to our survey, the average millennial spends $43 per month on tobacco, vaporizer, or JUUL products
- Based on each millennial’s unique answer, 17 percent of them spend more on tobacco, vaporizer, or JUUL products each month than they save for retirement
- 63 percent of millennials do not spend money on tobacco, vaporizer, or JUUL products each month
How much do millennials spend on new clothes each month?
- According to our survey, the average millennial spends $82 per month on new clothes
- Based on each millennial’s unique answer, 32 percent of them spend more on new clothes each month than they save for retirement
- 21 percent of millennials do not spend money on new clothes each month
How much do millennials spend on music streaming services (i.e. Spotify) each month?
- According to our survey, the average millennial spends $7 per month on music streaming services
- Based on each millennial’s unique answer, 12 percent of them spend more on music streaming services each month than they save for retirement
- 61 percent of millennials do not spend money on music streaming services each month
How much do millennials spend on gym or exercise expenses each month?
- According to our survey, the average millennial spends $23 per month on gym or exercise expenses
- Based on each millennial’s unique answer, 11 percent of them spend more on gym or exercise expenses each month than they save for retirement
- 60 percent of millennials do not spend money on gym or exercise expenses each month
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
