When it comes to saving money, a lot of millennials are falling short: The majority of young people have less than $1,000 in their savings accounts, and a significant number have nothing at all.
Perhaps their spending habits could explain their lack of savings.
According to a new report from Charles Schwab, millennials spend more than other generations on comforts and conveniences like taxis, pricey coffee and dining out.
Sixty percent of millennials admit to spending more than $4 on coffee, 79 percent will splurge to eat at the hot restaurant in town and 69 percent buy clothes they don't necessarily need.
The numbers are much lower in these categories for older generations. For instance, more than half of millennials shell out money for taxis and Ubers, compared to 29 percent of Gen Xers and 15 percent of boomers.
Here's the full breakdown of how different generations are spending their money:
Despite their more liberal spending habits, millennials are more planning-oriented than their parents and grandparents, Charles Schwab found.
"More than a third of millennials (34 percent) say they have a written financial plan compared to far fewer Gen X (21 percent) and boomers (18 percent)," Charles Schwab reports. "Impressively, nearly three-quarters (72 percent) of millennials developed their written financial plans with professional help, and 91 percent of them review or update their financial plans at least annually."
Plus, young people are more likely to regularly monitor their financial accounts and are more knowledgeable about the fees they pay.
Of course, as the report notes, millennials' short term spending habits could derail their long-term planning.
Want to spend less and save more? Check out:
- 10 small things to give up if you want to save more money
- 3 self-made millionaires share their No. 1 money-saving trick
- 6 smart ways to save your money, according to people who've socked away thousands
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