Study: Millennials And Gen-Z Are Willing To Skip Eating Out For 5 Years To Retire By Age 50

Eggs Benedict, a popular brunch item for millennials around the world
via Wealth Gang

Ah, the age-old question: “Would you give up avocado toast and fancy lattes for half a decade if it meant lounging around in your golden years a tad earlier?” And according to a new SoFi survey, a staggering number of Millennials and Gen Z are screaming a resounding, “YES!”

SoFi, the digital guru of personal finance, just spilled some fascinating beans on America’s financial dreams. Alongside goals of buying that dream house or sending their kiddos to college, a prominent ambition emerged: retiring early. As in, age 50 early.

But here’s the kicker: to achieve this dream, two-thirds of the surveyed Gen Z and Millennial participants would willingly shun dining out for a whopping 5 years. Skip brunch and DYI your own avocado toast at home, anyone?

Now, while some might be pondering, “Can I even cook?” or “How many variations of instant noodles are out there?”, SoFi’s got a little something to sweeten the pot (or the retirement savings, to be precise). The SoFI study comes on the heels of the company is introducing a 1% match on all eligible IRA contributions. This means SoFi members not only add their contribution but get a little extra topping – sort of like extra whipped cream on your homemade frappe.

While dining out can be the Millennial and Gen Z’s proverbial apple in the Garden of Eden, this sentiment around early retirement is genuine. The survey further revealed:

  • 44% feel their earnings aren’t enough to feed their retirement pot.
  • 71% dream of owning a home, while 28% just want to retire before their hair turns fifty shades of gray.
  • Men are, interestingly, more likely than women to be saving for retirement (54% vs. 43%). And speaking of the gents, they are also more in tune with their savings, with 55% knowing their account details compared to 44% of women.

Now, a note for those who may scoff at the idea of sacrificing dinners out for an early retirement: it’s not about the avocado toast or the occasional bougie coffee. It’s about priorities, and for a significant chunk of younger generations, they seem ready to trade five years of restaurant rendezvous for an extended vacation called “early retirement.”

So, next time you see a Millennial or Gen Z pal sipping a homemade latte, know they’re probably dreaming of that beachside hammock at 50.

Cheers to financial ambition and the things we do for a sunny future. 

B. Carlisle

Contributing editor at Wealth Gang. An entrepreneur at heart, he's passionate about meaningful ways to leverage technology and social media for business opportunities and side hustles.