NEW YORK, June 26, 2017 /PRNewswire/ -- Millennials are
falling victim to common financial vices, such as spending money in
coffee shops, racking up bar tabs or frequently dining out,
according to a new study from Bankrate.com. The average
millennial dines at a restaurant or buys take-out food five times
per week and 29% of millennials say they buy coffee at least three
times per week. To view the survey results go to:
http://www.bankrate.com/cashlorette/millennials-financial-vices/
"Often, it's the minor, habitual expenses, such as take-out and
alcohol, that wreak havoc on your budget," said Sarah Berger, The Cashlorette at Bankrate.com.
"Small steps, such as preparing meals at home and brewing your own
coffee, can add up to big savings over the course of a year."
Overall, Americans are doing a better job with financial vices
than one might think. 59% of Americans say they don't
purchase any brewed coffee or tea in a typical week. Further,
73% say they don't buy any alcoholic drinks at bars or restaurants
each week and 40% of Americans say they buy take-out or dine at a
restaurant no more than once per week.
However, millennials aren't following the example set by their
elders. 54% of younger millennials eat out at least three
times per week, compared to just 33% of Gen Xers, 32% of Baby
Boomers and 25% of the Silent Generation who do this. In addition,
42% of all millennials and 51% between the ages of 21-26 typically
go to a bar at least once a week, versus 24% of Gen Xers, 19% of
Baby Boomers and 11% of the Silent Generation.
"A recent survey conducted by Bankrate.com measuring Americans'
emergency savings showed that just 16% of younger millennials have
saved the recommended six months' worth of expenses. Money saved
from packing lunch and passing on lattes would be a smart
investment in building that emergency fund," Berger added.
Princeton Survey Research Associates International obtained
telephone interviews with a nationally representative sample of
1,003 adults living in the continental United States. Interviews were conducted by
landline (500) and cell phone (503, including 309 without a
landline phone) in English and Spanish by Princeton Data Source
from June 1-4, 2017. Statistical
results are weighted to correct known demographic discrepancies.
The margin of sampling error for the complete set of weighted data
is plus or minus 3.7 percentage points.
About Bankrate.com
Bankrate.com provides consumers with the expert advice and tools
needed to succeed throughout life's financial journey. For over two
decades, Bankrate.com has been a leading personal finance
destination. The company offers award-winning editorial
content, competitive rate information, and calculators and tools
across multiple categories, including mortgages, deposits, credit
cards, retirement, automobile loans, and taxes. Bankrate aggregates
rate information from over 4,800 institutions on more than 300
financial products. With coverage of over 600 local markets,
Bankrate generates rate tables in all 50 U.S. states. Bankrate
develops and provides web services to more than 100 cobranded
websites with online partners, including some of the most trusted
and frequently visited personal finance sites on the internet, such
as Comcast, Yahoo!, CNBC and Bloomberg. In addition, Bankrate
licenses editorial content to more than 500 newspapers on a daily
basis including The Wall Street Journal, USA Today, The New York
Times and The Los Angeles
Times.
For more information contact:
Kayleen (Katie) Yates
Vice President, Corporate Communications
Bankrate, Inc.
(917) 368-8677
kyates@bankrate.com
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visit:http://www.prnewswire.com/news-releases/millennials-struggle-with-financial-vices-300479267.html
SOURCE Bankrate.com