McLEAN, Va. (10/20/15)--Millennials are making wiping out debt a top priority. That’s according to a USA Today/Bank of America Money Habit survey (USAToday Oct. 13).
Among those surveyed, two-thirds of millennials said they have made getting out debt a top priority. This ranks just above having minimal financial stress, spending less than they earn and having an emergency savings fund.
The study showed a significant difference in responses from college-educated millennials versus those without a degree. Almost 60% of respondents with degrees said they were somewhat satisfied with their current financial situation, while only 40% of non-college grads felt confident about their status.
Even though most young adults said that at times they worry about their financial situation, most generally are satisfied with their situation. They are wary about taking on more debt and are hesitant to purchase items they can’t afford.
For related information, read “Why Millennials Are Buying Very Small Houses” in the Home & Family Finance Resource Center.