Many Americans spend more on coffee than investing

NEW YORK (FOX5NY.COM) - A new survey show an alarming lack of retirement savings and spending patterns among Americans.

When asked if they spent more on coffee than they invested for retirement, 34 percent admitted to spending more on coffee.  The average American spends about $1,100 a year on coffee.

In a survey of 3,010 Americans between 18-44 conducted by the money-management app Acorns, another 8 percent would spend a week in jail for $1,000.

68 percent of those surveyed said they would rather talk about their weight than retirement savings.  That might be because more than half of respondents said they didn't invest any money in the past year.  31 percent said they didn't think they would ever retire.

"Young people are typically focused on the present, not thinking as much about the future," Acorns CEO Noah Kerner said.

He said he believes investing and money management services like his must simplify and make financial services more convenient for young people so they begin investing earlier.

That might be good since 5 percent of those surveyed said they would want to get their financial advice from Jay-Z.