Seventy-two percent of younger millennials (ages 18-24) have less than $1,000 in their savings accounts and 31 percent have nothing at all. Older millennials (25 to 37 years old) are in a similar boat —67 percent have less than $1,000 in savings and 33 percent have $0, according to a report from CNBC.
But despite being low on money, millennials are famously frivolous in their spending habits. Sixty-nine percent said they splurge on clothes they don’t really need and 60 percent spend over four dollars per day on coffee, according to that report.
Where do millennials spend the most on their "must-have" luxury items?
UBS decided to find out by tracking the cost of everything from iPhones to a pair of sneakers in 11 cities around the world: New York, Paris, London, Zurich, Dubai, Hong Kong, Johannesburg, Moscow, Bangkok, Buenos Aires and Toronto.
The eight items on the list included an iPhone, a laptop, a pair of jeans, a pair of sneakers, a Netflix subscription, a cup of coffee, a Big Mac as a late night craving and avocados.
The study found a significant divergence in costs.
In Hong Kong, for example, a laptop computer costs only $560 on average, while the cost is a whopping $1,730.28 in Moscow. In Argentina iPhones cost more than double the Hong Kong price at $2,242.75 per phone.
Caffeine lovers in Dubai aren’t in luck—a regular cup of coffee in the city costs $5.70 per cup, compared to an average of $1.93 of the cities studied.
This is how the 11 cities stacked up when it came to total costs for the eight millennial "must-have" items, starting with the most expensive locations:
11. Buenos Aires
Total costs: $3,696.38
It would be cheaper for shoppers looking to buy an iPhone in Buenos Aires to fly to New York for the day and buy one. An iPhone costs $2,242.75 in this city compared to $1,087.83 in New York. A roundtrip flight from Argentina to New York costs about $1,010, according to Google.
10. Johannesberg
Total Costs: $3,487.26
Food price are amont the lowest of the cities studied, with a Big Mac priced at $2.53, an avocado at $3.39 and a cup of coffee at $1.49. Tech items are among the most expensive, however, with a laptop setting you back $1,729.54.
9. Moscow
Total costs: $3,354.64
The tech-savvy millennial in Moscow will pay the highest amount for a notebook computer than any other global city on the list. The average cost of a notebook is $1,730.28, compared to $831.38 in Paris, $1,087.83 in New York and $1,148.16 in London.
8. London
Total costs: $2,725.82
London is the cheapest location to purchase sneakers of all global cities in Europe. On average, millennials pay $76.48 for a pair, a bargain compared to Moscow ($142.83), Toronto ($111.16) and Zurich ($125.73).
7. Zurich
Total costs: $2,567.04
Netflix subscriptions are the most expensive in Zurich compared to the other cities on the list at $11.90 per month. However, iPhones are amont the cheapest on the list at $1,180.
6. Toronto
Total costs: $2,535.57
Watching Netflix is cheapest in this city, with an average monthly cost of $5.99. Toronto also had among the lowest coffee prices at $2.23 per cup.
5. Paris
Total costs: $2,487.07
Paris has the second-highest Big Mac price ($5.37), roughly twice the price of the fast food favorite in Johannesburg ($2.53) and Moscow ($2.29).
4. New York
Total costs: $2,369.72
If you're a millennial who buys a lot of iPhones, New York is the place to be. The city had the lowest average iPhone price on the list, at about $1,087 per phone.
3. Bangkok
Total costs: $2,130.87
Of all of the top global cities, Bangkok has the lowest average cost for sneakers—$68.42 per pair.
2. Dubai
Total costs: $2,004.30
Coffee-lovers in Dubai pay considerably more to satisfy their caffeine habit. A cup of coffee costs a hefty $5.70 compared to cities like Buenos Aires, Argentina, ($1.93).
1. Hong Kong
Total Costs: $1,825.04
Millennials who can’t part with their avocados may want to take a trip to Hong Kong. Avocados are the cheapest ($3.05) in in this city than any of other on he top 10 list. Compared to other cities, including Moscow, Russia ($8.27), London, UK ($7.33), and New York ($5.88), that’s a steal.
The full report can be viewed here.
