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5 unfortunate reasons why millennials can’t have nice things (or save any money)

Minor indulgences can cause major financial problems.

Millennials spend more than an average of $2,300 per year than older generations on five key items: groceries, gas, restaurants, coffee and cell phone bills, a study released Thursday by personal-finance site Bankrate.com found. Millennials spend $233 per month on meals versus $182 for older generations, and $161 on cell phone charges versus $135 for older people (but they spend $1,130 less per year on travel and TV). For TV services like cable, satellite and steaming/subscription, millennials spend just $80 per month, compared to $114 for those aged 37 and up.

“Millennials are falling victim to common financial vices, such as spending money in coffee shops,” separate study by Bankrate.com concluded.

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