MILWAUKEE -- Millennials are literally eating up their savings, according to a new study by Bankrate.com.
The study reveals young adults across the nation are dishing out cash when it comes to eating out.
The study found:
- 54% eat out at least three times a week or more
- 51% go to a bar at least once a week
- 29% buy coffee at least three times per week
Local young adults seem not to be surprised by this.
Jumana Aljuma stops by Fuel Cafe in Riverwest several times a week.
"I probably eat out three to four times a week," Aljuma said. "I don't think about how it adds up."
Twenty-two year-old Elizabeth Bedortha agrees.
"I think with millennials, we pay for the experience like going out with our friends," Bedortha said. "I think we're more into the experience than buying an item."
The study shows the cost can add up making it harder for young adults to develop a savings account. Some financial experts are now sending out a memo to millennials -- advising them to find a budget system, like envelope budgeting for the little expenses.
To read the full study, click here.