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Millenials in debt unwilling to forego luxuries

Yahoo Finance reports-

Although the US Department of Education has determined the national average for student loan debt for college grads at $29,400, Citizens Bank survey found that average student debt for millennials is much higher — roughly $41,286.

Sadly, 15 percent of the grads surveyed said they didn’t know their total student loan balance and more than a third of grads (37 percent) reported being clueless as to their loans’ interest rate.

Despite sometimes burdensome loan payments, a large number of millennials are unwilling to prioritize student loan repayment over spending on luxury and quality-of-life items. When students were asked what they’d be willing to give up in exchange for lower student loan payments, this is what the survey revealed:

  • Less than half (45 percent) were willing to cut what they spend on eating out.
  • Just 46 percent said they’d cut their entertainment and social event expenses.
  • A mere 40 percent were willing to limit their housing expenses (rent or mortgage).
  • Only half of millennials were willing to slash their spending on clothes, shoes and accessories.

The other point of course is that for many, most of the training/ education they have received isn’t much help to them either.

2 Comments on Millenials in debt unwilling to forego luxuries

  1. The Gantt Guy // May 20, 2016 at 09:02 // Reply

    Well, it’s only $1.2 trillion, and Daddy Obama has said he’ll just sign an Executive Order and nationalise the whole amount. If not Daddy, then Grandpa Bernie said college will be free.

    So, why worry?

    Like

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