Majority of millennials with student debt have delayed major milestone, study finds
When it comes to buying a house, getting married, or having a baby, many millennials with student debt say they’ve had to put it off because of student debt.
A new bankrate.com report found that 73 percent of millennials (those between the ages of 23 and 38) have delayed at least one major life or financial milestone:
- Saving for emergencies 38%
- Home buying 31%
- Paying off credit card debt 28%
- Buying/leasing a car 28%
- Saving for retirement 25%
- Having children 19%
- Getting married 17%
“There’s a huge toll being taken on individuals and the U.S. economy from the growing burden of student loan debt,” said Mark Hamrick, Bankrate.com’s Senior Economic Analyst, in a news release. “For the huge slice of the American population with debt, it is necessary to juggle competing goals including saving for emergencies and retirement as well as major life decisions.”
More than 75% of those surveyed said in hindsight they would have done something differently like apply for more scholarships or attend a cheaper university.
Click here to read more from the report.