Debt reduction consumes millennials' budgets
By Juan Rodriguez and Laura Mohammad | Published: June 30, 2014
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.
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