CHICAGO (CBS) — A new poll suggests many millennials spend more money buying coffee each year than saving for retirement.
According to Acorn’s Money Matters Report, about 41 percent of Millennials questioned said they spent more last year on lattes than on their retirement years.
Bridget Boyle, 22, is one of the other 59 percent who saved for retirement.
“It’s your future, got to think long term,” she said.
Rob Battin, 21, also contributed more to his retirement fund, saying he only drinks coffee when it’s free.
“I’d rather retire early than wake up early in the morning when I’m young. It’s a better investment to pay off for the future,” he said.
Financial advisers say skipping the huge coffee bill can save a couple thousand dollars a year.
Celeste Pena, 20, admitted she’s part of the 41 percent. Until she moved out of her parents’ home, she claimed she spent about $100 to $200 a month on the caffeinated beverage. Now, she saves pennies by investing in a coffee pot.
“You get a bag of ground coffee for $5, so that’s better” she said.