- They're most stressed about their student loan debt and credit card debt .
- The survey is part of Insider's new series, " The State of Our Money, " which looks at financial health among Americans.
- Read more personal finance coverage.
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.
Recommended articles
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.
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.
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
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