Americans Spend An Average $3,000 A Year On Coffee And Lunch At Work
JACKSONVILLE, Fla., Jan. 30, 2012 /PRNewswire/ -- American workers spend an alarmingly high amount of their hard earned cash on somewhat average daily expenses, according to a new Workonomix survey by Accounting Principals, a finance and accounting staffing firm. The survey found that 50% of the American workforce spends approximately $1,000 a year on coffee, or a weekly coffee habit of more than $20. And the spending doesn't stop there. Two-thirds (66%) of working Americans buy their lunch instead of packing it, costing them an average of $37 a week -- nearly $2,000 a year.
Despite these high costs, the survey suggests workers are unclear about the biggest drain to their wallet. When asked which work expense they most want to be reimbursed for by their employer, 42% of employees chose commuting costs and only 11% chose lunch expenses. However, the average American's commuting cost is $123 a month, or approximately $1,500 a year, which is well below the average annual lunch tab of $2,000.
"Small -- but consistent -- expenses add up quickly over time, and it can be difficult for consumers to realize it because they're only spending a few dollars at a time. But, as this survey shows, those few dollars can quickly turn into a few thousand dollars," said Jodi Chavez, senior vice-president at Accounting Principals.
"Additionally, when you look at it over a worker's lifetime, that number grows exponentially. Consider the average American who works for about 40 years, starting their first job around age 22," Chavez said. "By the time they retire at age 62 they would have spent at minimum $120,000 on coffee and lunch, not including inflation."
This is especially true for young American workers. The survey found that younger professionals (ages 18-34) spend almost twice as much on coffee during the week than those ages 45+ ($24.74 vs. $14.15, respectively). They also shell out more for lunch, spending an average of $44.78 a week on lunch compared to their older colleagues who spend $31.80 per week.
However, it seems American workers of all ages are starting to realize the effect this incremental spending has on their personal bottom line. According to Accounting Principals' survey, one-third (35%) of employees have made it a financial goal to bring lunch instead of buying it in 2012.
Source: Accounting Principals | Released Jan. 30, 2012
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