Millennials spend more on coffee, save less for retirement

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Millennials spend more on coffee, save less for retirement

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(Photo by Chris Hondros/Getty Images)

A large number of Millennials spent more on coffee in the past year than they invested in their retirement savings, according to a new study.

About 41 percent of the Millennials — ages 18 to 35 — admitted to spending more on coffee than they saved for retirement. A new report from Acorns Grow Inc. surveyed nearly 2,000 Millennials on their investment habits, and found about two out of every five Millennials feel anxious about daily expenses.

More than half of Millennials felt their formal schooling left them unprepared for financial success, according to the report.

“These numbers are staggering. I don’t accept that it’s OK to teach kids about sex but not money,” said Noah Kerner, CEO of Acorns.

Other key findings from the study include:

• About 50 percent of Millennials are not certain how to invest their money, but feel it is important to learn.

• Approximately 41 percent of older Millennials — ages 24 to 35 — predict they won’t be financially secure enough to retire until they are older than 65 years old.

• Only 5 percent of 18 to 23 years old are actively investing.

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