Millennials like coffee. No, like they really like coffee. And a survey completed by SurveyMonkey for the investing app Acorns just backed up that claim in a pretty big way. It turns out Millennials espend more money on coffee than they do for their own retirement.
The survey took a look at the spending habits of 1,900 Millennials aged 18 to 35. According to the results, almost half of all polled were guilty of siphoning more money towards coffee rather than retirement. It seems that younger women were the prime offenders, where 44 percent of females polled spent more on their morning ritual than they did putting money aside this year.
Coffee is a pretty cheap pleasure, but those cheaper pleasures add up. By not investing in retirement now, young people could delay or make it impossible to create a viable retirement option. This correlates to other research the poll found, where Acorns found that 41 percent of older Millennials, age 24 to 35, predict that they won’t be ‘financially secure enough to retire until they are older than 65.
Acorns conducted this research to show the simplification of saving money in your everyday life. The app is meant to assist in this, but it also paints a bleak outlook of young people’s spending habits. At the very least maybe save a few bucks by not ordering the double whip, upside down, espresso crested, macchiato? C’mon that’s not coffee, that’s really just a milkshake anyway.