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Millennials are now a trillion dollars in debt, data shows

Posted at 7:19 AM, May 07, 2019
and last updated 2019-05-07 08:19:16-04

NASHVILLE, Tenn. (WTVF)  — You may not be a millennial, but you definitely have one in your life and data shows their generation is more in debt than any other.

Millennials are now a trillion dollars in debt and one of the major reasons is student loan debt.

However, it's not stopping them from saving.

Data from the Federal Reserve shows people from age 20 to 34 already have $15,500 in retirement savings. At the same age, Generation X saved about $2,000 less.

Scott Melbrod, who runs Accumulation Wealth Partners, says it's because saving started getting easier.

Programs like Roth IRAs, 401-K company matches and 529 college savings accounts became widespread in the 90s.

“It's just the culture they grew up in, with the Internet and having access to information. They really are looking at different stuff earlier,” Melbrod said.

Melbrod suggests folks sign up early for retirement programs, set up automatic withdrawals and then forget about them.

It's also important to remember the sooner the better when it comes to saving because your dollar will go further.