Do You Waste Money on Guilty Pleasures?

We’re always hearing about how Americans aren’t saving enough money, and it seems a lot of us, especially Millennials, would be a lot better at it if we just decided to give up some of our favorite vices. According to a new Bankrate survey, many Americans are wasting money on guilty pleasures like coffee, ordering takeout or drinking in bars, and Millennials are the worst.

Just how "bad" are Millennials? Well, 29% say they spend money on coffee three times a week, while 54% will eat out three times a week, and 42% of all Millennials, and 51% of those 21 to 26, will go to bars once a week. And while that may not sound terrible, it’s certainly higher than those in other generations.

When it comes to eating out, only 33% of GenXers and 32% of Baby Boomers waste money eating out three times a week, while only 24% of Gen Xers say they go to bars once a week, and that number goes down to 19% for Baby Boomers.

But in general, it not all Americans are throwing their money away on vices. In fact, 59% of Americans say they don’t purchase coffee or tea in a typical week, while 73% don’t buy drinks in a bar or restaurant weekly, and 40% don’t get take out or dine out more than once per week.

Source: Yahoo Finance

Paul James

Paul James

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