This Is the Type of Debt Millennials Have

Millennials' No. 1 life goal outranks a meaningful career, owning a home, and raising a family.
 This Is the Type of Debt Millennials Have

Millennials are behind previous generations in almost every economic dimension. Millennials are falling behind their parents and grandparents when it comes to building wealth and saving for retirement.

Millennials' average debt of $42,000 is impacting their ability to build wealth and savings. Their debt is also negatively impacting... 

According to a recent personal finance survey conducted by Ypulse, here is what Millennial debt looks like.

How Many Millennials Have Debt
  • 26 percent of 18- to 20-year-olds
  • 61 percent of 21- to 24-year-olds
  • 58 percent of 25- to 29-year-olds
  • 56 percent of 30- to 35-year-olds
What Kind of Debt Millennials Have

1. Student Loan

  • 18- to 20-year-olds: 76 percent
  • 21- to 24-year-olds: 79 percent
  • 25- to 29-year-olds: 65 percent
  • 30- to 35-year-olds: 57 percent
     

2. Credit Card Debt

  • 18- to 20-year-olds: 26 percent
  • 21- to 24-year-olds: 49 percent
  • 25- to 29-year-olds: 51 percent
  • 30- to 35-year-olds: 57 percent


3. Auto Loan

  • 18- to 20-year-olds: 20 percent
  • 21- to 24-year-olds: 30 percent
  • 25- to 29-year-olds: 43 percent
  • 30- to 35-year-olds: 36 percent


4. Home Loan

  • 18- to 20-year-olds: 7 percent
  • 21- to 24-year-olds: 5 percent
  • 25- to 29-year-olds: 24 percent
  • 30- to 35-year-olds: 37 percent
     

5. Personal Loan

  • 18- to 20-year-olds: 20 percent
  • 21- to 24-year-olds: 14 percent
  • 25- to 29-year-olds: 15 percent
  • 30- to 35-year-olds: 18 percent
     

6. Other

  • 18- to 20-year-olds: 2 percent
  • 21- to 24-year-olds: 2 percent
  • 25- to 29-year-olds: 1 percent
  • 30- to 35-year-olds: 9 percent


For a majority of Millennials, debt is a harsh reality that is shaping their decisions, delaying life milestones, and redefining personal goals. As highlighted in the table below, paying off debt or remaining debt free is Millennials' top goal, outranking a meaningful career, owning a home, and raising a family.

Millennial Life Goals
  1. Paying off debt/Being debt free (94 percent)
  2. Having a meaningful career (92 percent)
  3. Traveling (86 percent)
  4. Finding and marrying someone that I love (83 percent)
  5. Owning a home (81 percent)
  6. Raising a family (76 percent)
  7. Obtaining a higher degree (68 percent)
  8. Earning a higher degree than I have now (64 percent)
  9. Becoming rich (56 percent)
  10. Starting a business (40 percent)
  11. Being famous for what I do (30 percent)

 

I help companies better lead, engage, train, and sell to Millennials and Generation Z. If you’d like help solving tough generational challenges inside your organization, click here.

ABOUT THE AUTHOR

Ryan Jenkins

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