Four in 10 Americans between the ages of 22 and 33 rate their debt as “overwhelming,” with 56 percent living paycheck to paycheck, according to a recent study commissioned by Wells Fargo.
That compared to 23 percent of Baby Boomers (ages 49 to 59) reporting overwhelming debt, the study said.
Student loans, which more than half of the so-called millennial generation relied on for college education, are the main reason millennials aren’t saving for retirement. Only 55 percent of millennials said they were socking away money for retirement, with the largest portion saving only 5 percent or less of their income.
Most said they weren’t saving because they didn’t have enough money.
Meanwhile, the 1,529 Baby Boomers who took the survey said their biggest concern was saving enough for retirement. Just over a third of Boomers said they had relied on college loans for their education.
The study also revealed gender discrepancies among millennial savings habits, with 26 percent of men saying they’re saving more than 10 percent of their income, compared with just 9 percent of women.
The study, which was conducted by Harris Poll between April 15 and May 2, said that higher median household incomes among men could explain the difference.
