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... 

• Health
  Twenty-three percent of Millennials say that financial stress makes them physically ill on a weekly or monthly basis, compared to just 12 percent among all age groups.
• Focus and Productivity at Work
  About 67 percent of Millennials (versus 32 percent of Baby Boomers) say financial stress overtakes their ability to focus and be productive at work.
• Employer Choice 
  Ninety-five percent of professionals under 30 with student debt would be more willing to accept a job if it offered student loan repayment.
• Relationships
  Sixty-eight percent of Millennials say debt has had a "negative impact" on their relationships with their spouse/partner, friends, and colleagues.
• Generation Z
  Sixty-seven percent of Generation Z (the post-Millennial generation) are concerned about being able to afford college. Twenty-five percent say they don't think any debt is manageable. And 85 percent say they want to be taught practical skills in college, such as financial planning and saving for the future.

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)