Millennials spend more on coffee, save less for retirement

(Photo by Chris Hondros/Getty Images)

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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.

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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.

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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.

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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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