Millennials willing to tap retirement savings to cover basic expenses, study finds

While many Americans have little to no retirement savings at all, even young savers who do are perhaps too willing to draw from that stash to cover unrelated expenses.

RELATED: Millennials will need to save at least 40 percent of their paychecks for retirement, financial expert says

A new survey from TD Ameritrade showed that millennials were more likely than either Generation X or Baby Boomers to tap retirement funds for non-pressing expenses, like vacations or taking a sabbatical from work.

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More than half of millennials (53 percent) said they would draw from retirement savings to spend during a job loss, cover medical bills (52 percent) or cover their child's education (52 percent). Just shy of half said they would take pull from retirement savings to pay down credit card debt (48 percent), buy a house (47 percent), cover living expenses during a sabbatical (45 percent), cover living expenses during parental leave (45 percent) or make a move (45 percent).

RELATED: Survey: Two-thirds of millennials think they’ll become wealthy in the future

More than 40 percent said they would do so to buy a car, pay for a vacation, cover wedding expenses or pay down education debt.

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