A new survey released this week indicates that over half of Millennials are “living paycheck to paycheck.”
The survey, part of the 2014 Wells Fargo Millennial Study, was conducted online by the Harris Poll. The poll tracked the financial attitudes and trends of more than 1,600 Millennials, which the survey defined as current 22-33 year olds.
The poll produced some staggering figures. Most shockingly, it reports that over half, 56 percent, of Millennials are “living paycheck to paycheck.” One reason is that many feel pressure from debt. Four in ten millennials report their debt as “overwhelming,” as 42 percent of Millennials say debt “is their biggest financial concern currently.”
After paying off their day-to-day bills, Millennials surveyed report student loan debt as their top financial priority.
That issue has received a great deal of play in Washington this week, after Sen. Elizabeth Warren’s (D-Mass.) student loan refinancing bill failed to advance in the Senate. The legislation was saddled by a tax hike on the wealthy, the “Buffett Rule,” that was a nonstarter for Republicans.
Millennials also report struggling with credit card and mortgage debt, according to the survey. Overall, 47 percent of Millennials are “allocating 5o percent or more” of their paychecks toward some sort of debt.
Despite these staggering results, 69 percent of Millennials still “feel better off financially than others in their own generation.”
