Millennials are worried about money — worried enough that they would forgo meeting their favorite celebrity to pay debt. But, tsk, tsk, 41 percent admit to spending more on coffee last year than they invested in their retirement account.
That’s among the findings from Acorns’ first Money Matters Report. Acorns, a micro investing app, surveyed 1,900 millennials through SurveyMonkey, asking questions about financial literacy, investment habits, savings goals and debt management.
Among the survey’s other discoveries:
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▪ 70 percent of millennials anticipate an impact in their finances in the next 10 years due to the new political environment.
▪ 41 percent of older millennials, age 24-35, predict that they won’t be financially secure enough to retire until they are older than 65.
▪ Only 5 percent of young millennials, age 18-23, are actively investing.
▪ 50 percent of millennials are not sure about how to invest, but do feel it is important to learn.
▪ 45 percent would give up meeting their favorite celebrity and almost 17 percent would skip eating dinner for six months to pay off a $10,000 debt.
▪ 73 percent don’t have a monthly budget, but 60 percent have a general idea of where their money is going.
▪ 85 percent say they do not follow market trends more than once a month.
▪ 70 percent feel their education did not prepare them to manage their finances.
▪ 39 percent feel anxious about their financial future.
“These numbers are staggering. I don’t accept that it’s OK to teach kids about sex but not money,” Noah Kerner, CEO of Acorns, said in a statement.
Acorns, which counts PayPal as one of its largest backers, launched Grow, an in-app education platform, last year to educate millennials about finances.