Financial institutions casting around for ways to reach Millennials should promote their money management tools and share helpful advice for paying down debt.
Nearly seven in 10 Millennials, or 69%, cite getting out of debt as their biggest financial goal in a survey commissioned by Real Estate Witch, a website that provides consumers with information on home buying.
Despite their intention, however, more Millennials are falling behind. Nine in 10 Millennials are carrying non-mortgage debt in 2023, up from 75% last year, according to the survey of 1,000 people born between 1981 and 1996. Their average debt load was $90,000.
Contributing factors include a growing share of Millennials with auto loans, which jumped to 42.9% this year, up from 28.9% last year, says Matt Brannon, a data writer for Real Estate Witch’s parent, Clever Real Estate. More Millennials also owe money on credit cards – 56.9% this year compared to 47.9% last year. This was the most common form of debt cited overall.
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