The nation's youngest adults, those in Generations X and Y, lead the nation for having the largest debt burden.
Americans younger than 47 have an average debt load of nearly $37,000 per person, according to the inaugural U.S. Consumer Savings and Debt Report by SaveUp, a financial rewards program for saving money and paying down debt.
Gen Xers have an average total of $46,972 in debt, compared to Gen Yers' debt total of $28,930. The variation in average debt can be attributed to the age differences between the two groups -- Gen Xers were born from 1965 to 1980 and Gen Yers have birth years between 1981 and 1995.
Nearly 50 percent of Generation Y's debt comes from nonasset-building loans -- including credit cards, car loans and lines of credit -- or "bad debt," while more than 60 percent of Generation X's debt is from mortgage and student loans, also referred to as "good debt."
"We wanted to share this (report) with the goal of inspiring other companies as well as financial services (and) policymakers to think about what kinds of things we need to do to support the financial success of Gen X and Gen Y," says Priya Haji, SaveUp CEO.
The report also finds that 32 percent of Gen Xers are investing and saving for retirement, but only 29 percent of Gen Yers are doing the same.
"Bringing that (bad) debt down first and getting rid of that higher-cost debt is going to be a really important goal that a lot of younger people are going to need to address," Haji says. "The other key thing is we're going to want to see savings patterns continue to increase."
Do these findings surprise you? What steps are you taking to reduce your debt load? Tell us below.
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