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Adults in the United States who hold student debt owe $24,155 on average and manyregret being in that position, Northwestern Mutual reportedWednesday.

Forty-two percent of participants in the firm's 2020 planningand progress study said they would not take a student loan if given a chance to rethink their decision.

The study showed that a quarter of Gen Z and millennials heldstudent debt, compared with 16% of Gen X. Younger debt holders hadlower averages than older ones:

• Gen Z: $15,798
• Millennials: $21,367
• Gen X: $34,075

Not only that, younger generations appeared to be moreoptimistic about how long they expected to hold their studentdebt.

Nearly half of both Gen Z  and millennials said theyexpected to pay off their student debt within one to five years,compared with only one-third of Gen Xers.

Eleven percent of Americans with student debt overall said theywould be holding their student debt for more than 20 years.

"Student loans are often a great way to make higher educationaccessible and affordable, but it's important to approach anydecision about debt as part of a long-term financial plan,"Christian Mitchell, chief customer officer at NorthwesternMutual, said in a statement.

"These findings offer hints that younger people are aware of thelong-term implications of carrying student loan debt and are takingsteps to tackle it early. Those instincts are promising and will becritical at a time when so many Americans are facing a period offinancial recovery."

The Harris Poll conducted an online survey between Feb. 12 andFeb. 25 among 2,650 American adults, and a second wave among 2,077adults between April 29 and May 1.

Other student loan findings

According to the survey findings, 40% of respondents lacked agood understanding of the implications of taking on student debtwhen they elected to seek a loan.

Sixty-six percent said they would change something about theirdecision given an opportunity to do so.

Forty-four percent of millennials and 41% of Gen X, but just 22%of Gen Z, said they would not have taken a loan at all. And 57% ofGen Z said they would have borrowed less.

"Too often student loans fall to almost a default decisionwithout thinking through the longer-term implications," Mitchellsaid. "While education is not necessarily something you can easilyput a dollar value on, it's also not something anyone wants tobecome a financial regret."

Student loan debt holders are receiving significant support fromfamily members, according to the study.

Thirty-one percent of Gen Z and 19% of millennials said theirparents helped them pay off their debt. In addition, 25% of GenXers and 22% of millennials said their spouse or partner waschipping in to pay off their student loan debt.

Mitchell acknowledged that not everyone could rely on help fromfamily members or other to make their student loan payment.

"Here again, we're reminded of the importance of planning andmanaging debt over the long-term," he said. "Working with a trustedfinancial advisor can be a helpful hand to navigate thatprocess."

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