Do Millennials Burn Money or Save It?

401k, marketing, retirement, client acquisition

We'll go with the former.


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?

How much do millennials spend on coffee each month?

How much do millennials spend on alcohol, including at bars and in liquor stores, each month?

How much do millennials spend on marijuana each month?

How much do millennials spend on restaurants or dining out each month?

How much do millennials spend on groceries each month?

How much do millennials spend on online streaming services (i.e. Netflix) each month?

How much do millennials spend on concerts, sporting events, and other events each month?

How much do millennials spend on tobacco, vaporizer, or JUUL products each month?

How much do millennials spend on new clothes each month?

How much do millennials spend on music streaming services (i.e. Spotify) each month?

How much do millennials spend on gym or exercise expenses each month?

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