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Home>UPDATE: Millennials regret spending their money on this one item the most...

UPDATE: Millennials regret spending their money on this one item the most...

UPDATE: Millennials regret spending their money on this one item the most...

10/03/2017

By Quentin Fottrell, MarketWatch

Purchases they wish they had not made? They have only had a few

Bad news on International Coffee Day.

Regrets? Most Americans have had more than just a few. Millennials? Not so much. As millennials scramble to get a foothold on the property ladder amid scathing reports of these young Americans splurging on avocado toast (http://www.marketwatch.com/story/here-are-all-of-the-things-millennials-have-been-accused-of-killing-2017-05-22), they're often given advice by Generation X and baby boomers about what they should and shouldn't do. They are satisfied with almost all of their purchases.

Half of millennials regret spending money on coffee and also eating out restaurants, while 61% regret fast food and 97% regret bank fees, according to the survey (http://advanced-hindsight.com/wp-content/uploads/2017/09/CCL_Infographics_Millennial-Regret_For-Website.pdf) of 1,000 people aged 20 to 26 by Durham, N.C.-based Common Cents Lab, a financial research lab at Duke University. We're more likely to regret guilty pleasures, said Dan Ariely, behavioral economist at Duke.

Between 60% and 85% of millennials don't regret the money they spend on their local community, health care, utilities, arts and entertainment and education, electronics, groceries, gym and fitness, movies, travel, debt, pharmacies and bars. In fact, there are only four items on the list of 19 categories hat half or less of millennials actually don't feel satisifed with their purchases.

All those small purchases can add up, however. Millennials spend more than an average of $2,300 more per year than older generations on five key items: groceries, gas, restaurants, coffee and cell phone bills, a recent study (http://www.marketwatch.com/story/this-is-why-millennials-cant-have-nice-things-or-save-any-money-2017-06-26) released by personal-finance site Bankrate found. "Often, it's the minor, habitual expenses, such as take-out and alcohol, that wreak havoc on your budget," Bankrate said.

"Millennials are falling victim to common financial vices, such as spending money in coffee shops," it concluded. The average millennial dines at a restaurant or buys take-out five times per week and nearly 30% say they buy coffee three times per week. More than half of millennials (54%) eat out at least three times a week, compared to roughly one-third of Generation X-ers and baby boomers.

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