Debt reduction consumes millennials' budgets

Almost 60 percent of millennials' income goes to paying off various types of debt, a study conducted for Wells Fargo shows.

Credits cards and personal loans make up 16 percent of millennials' expenses, closely followed by mortgages at 15 percent, and student loans and education expenses at 12 percent.

Men and women were almost identical in their breakup of debt, only deviating by 1 percent with education expenses. What was significant was that 45 percent of millennial women said they were overwhelmed by their current debt, compared to only 33 percent for men.

The survey was conducted by Harris Poll for Wells Fargo Retirement Communications and WBR Market Intelligence from April 15 to May 2, 2014. Interviews were conducted online with 1,639 U.S. residents between 22 and 33 to represent millennials. Mean figures are conveyed for the percentages.


See related: Biggest financial worries differ for millennials, boomers, More infographics

To use the graphic on your site, use the following code:

 <center><a href=""><img alt="Debt reduction consumes millennials' budgets" border="0" src="" /></a> </center>

Join the discussion
We encourage an active and insightful conversation among our users. Please help us keep our community civil and respectful. For your safety, do not disclose confidential or personal information such as bank account numbers or social security numbers. Anything you post may be disclosed, published, transmitted or reused.

If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.

The editorial content on is not sponsored by any bank or credit card issuer. The journalists in the editorial department are separate from the company's business operations. The comments posted below are not provided, reviewed or approved by any company mentioned in our editorial content. Additionally, any companies mentioned in the content do not assume responsibility to ensure that all posts and/or questions are answered.

Weekly newsletter
Get the latest news, advice, articles and tips delivered to your inbox. It's FREE.

Updated: 01-23-2018