Millennials are more worried about debt than their day-to-day expenses.
A new survey by Wells Fargo Retirement, focused on millennials’ attitudes toward savings and retirement, found that 42 percent of these younger Americans feel their debt is overwhelming, which is twice the rate of surveyed Baby Boomers.
“I can’t stress enough how important it is for this generation to start saving now— the benefits of starting young can’t be recreated later,” said Karen Wimbish, director of retail retirement for Wells Fargo.
More than 1,400 millennials between the ages of 22 and 32 and more than 1,000 Baby Boomers between the ages of 48 and 66 responded to the survey, which was conducted by Market Probe Inc. The survey took place from Feb. 6-15.