New Survey Finds Americans’ Spending Habits Are Ruining Their Retirement
Americans Spend More Than $5,000 a Year on Non-Necessities The survey asked respondents how much they spent annually on the following six categories:
- Eating out and food delivery
- Coffee
- Alcohol
- Ride-sharing services and taxis
- Clothing and accessories
- Events (e.g. concerts, sports)
On average, respondents spent $5,339 annually on all of those expenditures combined. The biggest source of nonessential spending is eating out, takeout and food delivery. Respondents said they spent an average of $2,167 a year on food that they didn’t prepare at home. The next biggest nonessential expense was ride shares, which cost respondents $993 a year on average.
Men tend to spend more than women on nonessential items and services. The survey found that men shell out an average of $5,339, whereas women spend an average of $4,664 a year.
The survey also found that younger adults tend to be bigger spenders than older ones. Millennials, the biggest offenders of nonessential spending, fork over an average of $6,283 a year. Younger baby boomers ages 55 to 64 spend the least on average: $4,196.
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