ADVERTISEMENT

Millennials are buckling under all kinds of debt, and they're freaking out

Millennials are more stressed about their debt than other generations, a new survey from Insider and Morning Consult has found.

millennials debt stress
ADVERTISEMENT

Millennials are stressed and it's largely because of money.

Indebted millennials, in particular, are feeling the strain more than other generations, according to a new survey from Insider and Morning Consult . The survey polled 2,096 Americans about their financial health, debt, and earnings for a new series, " The State of Our Money ." More than 670 respondents were millennials , defined as ages 23 to 38 in 2019.

Roughly a quarter of millennial respondents have a mortgage, and 41% have a car loan, the report found . Of millennial respondents with a mortgage , nearly 49.7% have some or a lot of stress about it, compared to 41.9% of overall respondents. The numbers are similar when it comes to car loans : 50.7% of millennial respondents with a car loan have some or a lot of stress about it, compared to 42.9% overall.

ADVERTISEMENT

But millennials are most stressed about their credit card and undergrad student loan debts 51.5% and 28.4% of millennial respondents have each, respectively.

Of millennials with credit card debt, nearly 68% have some or a lot of stress, whereas only 60% of overall respondents do. That's even higher for those with student loan debt about 72% of millennials with undergrad debt have some or a lot of stress about it, compared to 66% of respondents overall.

Debt stress might explain why the majority of young adults define financial success as being debt-free. A Merrill Lynch Wealth Management report , which surveyed more than 2,700 Americans ages 18 to 34, found that only 19% of respondents view financial success as being rich 60% see it as not having any debt.

"Freedom from debt seems a low bar of accomplishment, yet it's an elusive goal for many early adults," the report said.

ADVERTISEMENT

According to the report, citing the Survey of Consumer Finances, 81% of early-adult households carry a collective debt of nearly $2 trillion. The debt includes car loans and mortgages but is mainly made up of student-loan debt and credit-card debt.

See Also:

SEE ALSO: Millennials and Gen X are both stressed, broke, and in debt but Gen X is more worried about it

ADVERTISEMENT

DON'T MISS: Edit in Viking More than half of millennials have credit-card debt, and it reflects a financial reality other generations didn't face

FOLLOW BUSINESS INSIDER AFRICA

Unblock notifications in browser settings.
ADVERTISEMENT

Recommended articles

Egypt, Nigeria, and South Africa ranked as Africa's most polluted countries in new report

Egypt, Nigeria, and South Africa ranked as Africa's most polluted countries in new report

10 African countries with the lowest life expectancy according to the World Bank

10 African countries with the lowest life expectancy according to the World Bank

Kenyan women are more obese than their men - here’s why

Kenyan women are more obese than their men - here’s why

Africa’s richest man Dangote stands between Europe and $17 billion in revenue

Africa’s richest man Dangote stands between Europe and $17 billion in revenue

After months of exchanging blows, Kenya and Uganda takes steps towards resolution

After months of exchanging blows, Kenya and Uganda takes steps towards resolution

Africa's first black billionaire could join $2.9 billion Vivendi bid for MultiChoice

Africa's first black billionaire could join $2.9 billion Vivendi bid for MultiChoice

10 most dangerous African countries in 2024

10 most dangerous African countries in 2024

Russia’s nuclear influence expands further north of Africa

Russia’s nuclear influence expands further north of Africa

Navigating the future: How AI transforms selling on Amazon

Navigating the future: How AI transforms selling on Amazon

ADVERTISEMENT