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Michael Hartwig, Ph.D.

(515) 971-5786


Millennials and Savings

Millennials and Saving

Millennials like to save, with the highest savings rate— 14 percent —of any age group.i They also like to socialize, meeting friends for lunch, brunch or after work. In fact, Millennials eat out five times a week on average, which can drain cash flow and put other priorities out of financial reach.ii So, how many times did you eat breakfast, lunch or dinner out this week? And what else would you do if you could stash that cash somewhere?

  • Eating out One Time a Week = $13,000 Over 10 Yearsiii

    Once a week? Good for you. You’re either a monk or really into cooking and brown-bagging. But imagine if you eliminated even that one take-out sushi. With the savings, you could:

    • · Get your jam on at 30 major music festivals
    • · Chill out with 87 bookings at a day spa

    · Max out your annual 401(k) and IRA investment and get closer to the retirement reality you want

    Eating Out Three Times A Week = $39,000 Over 10 Yearsiii

    Seems unbelievable, but cutting back on things like dinner out, pizza delivery and take-out lunches for a decade could give you enough cash for 30 round-trip flights from New York City to London. What else could you do with that chunk of change?

    · One year’s tuition at a private university

    • · $500 donation to 78 of your favorite charities
    • · $325 per month toward protecting your income with disability income insurance
  • Eating out Five Times a Week = $65,000 Over 10 Yearsiii

    Congratulations—you’re the quintessential millennial. You know every take-out menu by heart and your refrigerator looks like a who’s who of local eateries. Seriously, you can do this: dial back on eating out and you’ll have enough money to:

    • · Build a solid emergency fund that would tide you over for 13 months
    • · Plan an ultra-cool wedding and invite 271 guests

    · Invest in protecting your family and life priorities

  • The Bottom Line

    With just some minor belt-tightening (literally and figuratively), you can free up major bucks to spend on bigger life goals—education, retirement, protecting your family—and fun stuff, like a new car or the wedding of your dreams.

    i From Smartphones to Smart Planning: Millennials want and need digital and human experiences to achieve financial independence . Guardian Life Insurance Company, 2018.

    ii https://www.bankrate.com/pdfs/pr/20170626-Financial-Vices.pdf

    Brought to you by The Guardian Network © 2018. The Guardian Life Insurance Company of America®,NewYork, NY

    2018-68083 Exp. 10/2020

    Material discussed is meant for general informational purposes only and is not to be construed as tax, legal, or investment advice. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary. Therefore, the information should be relied upon only when coordinated with individual professional advice.

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    The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. Some of this material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named representative, broker - dealer, state - or SEC - registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.



    This material is intended for general public use. By providing this material, we are not undertaking to provide investment advice for any specific individual or situation, or to otherwise act in a fiduciary capacity. Please contact one of our financial professionals for guidance and information specific to your individual situation.

    Securities products and advisory services offered through Park Avenue Securities LLC (PAS), member FINRA, SIPC. OSJ: 12345 University Avenue, Ste 200, Clive, IA.50325, 515.457.1276 PAS is a wholly owned subsidiary of The Guardian Life Insurance Company of America® (Guardian), New York, NY. Financial Architects is not an affiliate or subsidiary of PAS or Guardian. 

    Important Disclosures

    2019-82519 Exp 7/21