There are plenty of difficult financial waters to navigate in young adulthood, but unfortunately, a growing number of Americans are shouldering a massive debt burden that is quite literally changing the way they live their lives. The latest data shows that debt is a top concern for members of the Millennial Generation, and the problem is only getting worse.
Troubling Poll
A recent Allstate/National Journal Heartland Monitor poll indicates that nearly 30 percent of Millennials just starting out on their own identify paying off student loans as their biggest financial challenge.
The same poll also shed some light on how much the modern economic environment is different for Millennials than it was for previous generations. Survey respondents from older generations indicated that the biggest financial challenges when they first started out were making ends meet and saving for major purchases.
Perhaps the most troubling data point from the poll was that 38 percent of Millennials say that, when it comes to major life decisions such as when to get married, buy a home or have children, debt has affected their decisions “a great deal.”
More Data
As surprising as the data from the Allstate poll is, it is…
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