Overall, the data does not suggest any alarming level of indebtedness among millennials. Sixty-two percent of millennials owe more in debt, overall, than they have in a personal savings account. Credit cards, meanwhile, are playing an even bigger role than student loans.
Millennials are facing employment problems all over the developed world, not just the United States. Among millennials, those earning higher incomes tend to have more loans. Debt has caused a third of all millennials, or 34 percent, to hold off on buying a home. Andrew Harrer / Bloomberg via Getty Images file, millennials in the U.S. have some form of debt. And, when it comes to attitudes towards debt, millennials appear to be fairly balanced compared to other age groups.
Only 22 percent of millennials are debt free. Millennials who thought college wasn't worth it have greater debt, in the $10,000 to $25,000 range and the $50,000 to $100,000 range, than those who disagree. * Thank you for subscribing to our newsletter. Across age groups, the more affluent are more likely to be more indebted. Click here to read the Mint ePaperMint is now on Telegram. Your session has expired, please login again. The data shows that those who expect their incomes to rise and those who expect to be financially better off are more likely to take bigger loans compared to those who expect their incomes to stagnate or expect to be financially worse off in the years to come. African-America and Latino millennials would have a harder time coming up with the money than other racial subgroups, according to the survey. The survey also shows that it is the richer lot among the millennials who is likely to be indebted, busting the myth of the irresponsible millennial. Two-thirds of millennials, or 67 percent, said they would have difficulty paying an unexpected bill of $1,000 right away.
Forty-nine percent of African-American millennials have student loan debt — more than any other racial subgroup. Only about a quarter (24 percent) have more money in their savings account than they owe in debt.
Join Mint channel in your Telegram and stay updated with the latest business news. This trend holds for millennials, as well as for other age groups. Three in 10 millennials have less than $1,000 in their personal savings, and only 1 percent have over $100,000 saved. In case you can’t find any email from our side, please check the spam folder.
Among pre-millennials, home loans are the biggest reason for indebtedness and, among post-millennials, education loans are the biggest reason for indebtedness.
Millennials, also known as Generation Y (or simply Gen Y), are the demographic cohort following Generation X and preceding Generation Z. The survey also shows that it is the richer lot among the millennials who is likely to be indebted, busting the myth of the irresponsible millennial. The big banks are acknowledging this problem. The survey also shows that it is the richer lot among the millennials who is likely to be indebted, busting the myth of the irresponsible millennial. But, how does attitude towards debt vary across age groups? The NBC News/GenForward at the University of Chicago Survey was conducted Feb. 23 — March 10, 2018 among a nationally representative sample of 1,895 adults ages 18-34, recruited and administered by NORC at the University of Chicago. Among both millennials and pre-millennials, a significant proportion seem to have taken loans to meet medical emergencies, suggesting the lack of adequate medical cover. Compared to other age groups, a higher proportion of post-millennials said they won’t ever take any loan.
Together, millennials and post-millennials account for roughly half of India’s adult population.
Millennials refer to those who have attained adulthood in the early 21st century, and grew up at a time when the world increasingly became digitally connected. As with everything else, attitudes towards debt vary across income classes, with richer respondents more comfortable in taking loans. Researchers and popular media use the early 1980s as starting birth years and the mid-1990s to early 2000s as ending birth years, with 1981 to 1996 a widely accepted defining range for the generation. The millennial generation, or generation Y, lives with red numbers and without reservations to face any emergency. A quarter of millennials — those 18 to 34 years old — are over $30,000 in debt, including 11 percent who are over $100,000 in debt. This is the third of a five-part series on how millennials are coping with the economic slowdown. Credit card debt — rather than student loans — is the most prevalent type of debt among the group.
It has also affected millennials' family structure.
While millennials are indeed more indebted than either pre-millennials or post-millennials, the levels of indebtedness are not alarmingly high, shows fresh data from the latest round of the YouGov-Mint Millennial Survey. Log in to our website to save your bookmarks. Those born after 1996 (aged 22 years or below) are referred to as the post-millennials or Gen Z.
The results from the YouGov-Mint Millennial Survey suggest mixed attitudes across generations.
Only 22 percent of millennials are debt free.
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