What Millennial Debt Looks Like, In 4 Charts

Millennials are notoriously burdened with debt, but what exactly does that debt look like right now? Who carries the biggest burden, and how does it impact their goals? We’re looking at the numbers behind the generation’s debt…

Millennials are notoriously behind in preparing for their financial futures. According reporting by Politico this week, they’re “behind in almost every economic dimension.” The ratio of how much they have invested in assets like 401(k) plans to their income is below Gen X and Boomers and is projected to remain that way—and, of course, their massive student loan debt is partly to blame.

We should note that despite their relative financial trials, they’re still spending. According to a survey from Bankrate.com, Millennials are actually outspending older generations by about $2,300 a year. But that doesn’t mean that debt hasn’t had a significant impact on their lives—and their mindsets. A Harris Poll for the American Institute of CPAs found that 68% of Millennials say debt has a “negative impact” on their daily life, compared to 59% of Xers, and 48% of Boomers. Paying off debt isn’t just a financial burden (and priority) for Millennials, but also a personal and emotional one. More Millennials than any other generation said that their daily lives are disrupted by debt, with symptoms including relationship tension, misleading family and friends about their financial situation, worrying at bedtime, and stressing about everyday financial decisions. A survey by Student Loan Report even found that 69.3% of borrowers say they’d rather get a loan payment than a present for the holidays, and 58% planned on spending money they received over the 2017 holidays to pay back their loans.

As we’ve outlined before, debt is a reality for the majority of them—and though they may…

 
 

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The Newsfeed

Quote of the Day:  Millennials have grown up in a world where consuming wine outdoors—or any location outside of the traditional table—is more acceptable than generations past.”—Kate McManus, VP of Marketing, Delicato Family Wines (Wine Spectator)

Young consumers are “killing the shopping spree.” Whether they’re signing up for the growing number of clothing subscription services (Rent the Runway, Le Tote, Urban Outfitters, etc.), shopping second-hand, or just culling their closets—young shoppers are quitting fast fashion in droves. Some are inspired by Marie Kondo’s joy-sparking brand of minimalism, while others want to help the environment—and still others are just seeking a wide range of things to wear at a lower price. (Vice)

Airbnb is launching “adventures” for experience-seeking young travelers. The site that started with accommodations and moved into one-off “experiences” (like dinner parties) now offers multi-day excursions, complete with guides, gear, meals, and accommodations. The platform already features over 200 trips in 40 countries, including a tiger-tracking expedition in Kenya and a trek through the canyons of Oman. (Fast Company)

Tyson Foods is taking on the fake meat market with plant-based nuggets. The pea protein nuggets are the first in a line of “Raised & Rooted” products from Tyson Foods. The brand's CEO explains they’re catering to the “growing number of people open to flexible diets that include both meat and plant-based protein”—aka young flexitarians, not full-time vegans. But can a company known for its meat sell the idea that “this [trend] is about ‘and’—not ‘or’”? (The Verge)

Snapchatters can shop Levi’s new Pride Month jacket via selfie filter. The Shoppable feature is first enabled by scanning a QR code found at select stores or by getting a special Snapcode from a friend. Then, users can try on the special-edition trucker jacket via augmented reality, customizing it with one of two washes and a selection of six pins and patches. Once they complete the look, users can purchase the Pride Month Jacket—without ever leaving the app. (SJ)

Amazon’s new Echo Dot Kids Edition revamps the original. The new smart speakertakes many cues from the adult version’s second generation (it’s louder and rounder) but adds special features just for kids that go beyond a rainbow-striped color scheme. The device will come with a year of FreeTime Unlimited, a subscription service that includes popular Alexa skills like Pinkfong’s Baby Shark Adventures, as well as an enhanced parental control suite to address growing privacy concerns. (VarietyCNET)

Quote of the Day: “Young people still have an incredible interest in the Olympic Games…But the way they are consuming the Olympic Games—the type of content they are watching and the ways and the platforms on which they are watching—are fundamentally changing.”—Kit McConnell, Sports Director, International Olympic Committee (Bloomberg)

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