Coffee

Millennials are spending more money on coffee than retirement plans

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If you’ve ever had to wait in a long line at your local Starbucks, you probably already know-- millenials spend a lot of money on coffee. But it turns out many are spending more cash on caffeine than investing in their future.

According to a reports from Acorns Money Matters, 41-percent of nearly 2,000 millenials-- individuals born in the early 1980s through the early 2000s-- surveyed admitted to spending more on their morning brew than contributing toward their retirement plan.

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“I’m not putting money away because I’m not making money, so maybe that shift toward more people in school longer and going back to school is connected,” Mina Hirsch, a millennial customer at a Phoenix coffeehouse, told MyFoxZone.

“We live in the moment maybe more than others, so that concept of thinking about the future or retirement isn’t necessarily as big of a deal as it was in the past,” Hirsch said.

But it’s not just coffee where millenials are making poor financial decisions.

The survey says that just 5 percent of young millennials (ages 18-23) are investing at all while 17 percent said they would skip eating dinner for six months to pay off a $10,000 debt.

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But on the flip side, 39 percent feel anxious about their financial future.

There was an upside to all the money being spent on java-- the spare change given back following the coffee purchase is then usually invested.

According to the report, the average American spends approximately $1,100 a year-- or $3 each day-- on coffee.