Would you rather spend your hard-earned money on coffee or your financial future? The answer may seem obvious, but it isn’t evident in a recent poll amongst millennials. In this short blog post, Food Network’s Amy Reiter details the startling results of a “coffee versus retirement” survey, which emphasizes an often talked about point – the need for financial education and empowerment among all generations. Read the post, in full, below.
We already know millennials love coffee. Now we know just how much they’re willing to stake on it: their future financial security, apparently.
A new report from Acorns, a “micro investing” app, suggests that a startling percentage of millennials cop to spending more money on coffee than they spend saving for retirement.
Fully 41.29 percent of millennials admit that they shelled out more on lattes, cappuccinos and other coffee drinks in the past year than they invested in retirement plans, according to Acorns’ first annual “Money Matters Report,” which was drawn from data collected from the responses of 1,900 millennials, ages 18 to 35, who responded to questions on SurveyMonkey.
Perhaps, then, it should not surprise us that the survey also revealed that 52.64 percent of millennial respondents describe their level of investing savviness as “low” and only 9.33 percent of them as “high.” (About 38.03 percent of them hedged their bets on “medium.”)
It may also not be a total shocker to learn that 39.15 percent of millennials say they feel “anxious” when they contemplate their financial future.
Of course, that could just be the jittery effects of drinking all that caffeine.
This post was originally published January 25th, 2017 on Food Network’s FN Dish Blog by Amy Reiter