Study: Millennials have 300% more student debt than their parents

Millennials have taken on at least 300% more student debt than their parents[1]. This is a staggering statistic that highlights the financial struggles that many young people in the western USA are facing. In this article, we will explore the impact of student debt on millennials and the reasons behind this trend.

The Impact of Student Debt on Millennials

Student debt has a significant impact on the financial well-being of millennials. According to Forbes, millennials have a lower net worth than prior generations had accumulated at their age, and student loan debt has come under intense scrutiny[2]. The burden of student debt can delay important life milestones such as buying a home, starting a family, and pursuing creative careers[3]. Many older millennials say that the effects of monthly student loan payments are far-reaching. Roughly a quarter of older millennials say student loans affected their ability to buy a home, as well as save for emergencies and retirement. Nearly 1 in 5 say they weren’t able to take risks with their careers while about 17% said they had to live with family or friends because they couldn’t afford their own rent and student loan payments[3].