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The Internet is rife with research on young Americans, aka millennials, though it sometimes draws conflicting conclusions. It’s easy to find papers saying millennials are financially irresponsible while plenty of others say just the opposite. Perhaps that’s why no one can agree on who millennials are. Some define them as adults in their 20s, adults between the ages 18 and 29, those born after 1982 or, more broadly, those who came of age at the turn of the century.
However you define them, companies have reason to figure out this large group of consumers, as they’ll be driving the economy for decades. The latest paper to join this stack is Navient’s “Money Under 35” survey, in which the student loan servicer explores the finances of those between ages 22 and 35. (The report is based on a survey conducted between July 16 and August 5 on more than 3,000 consumers.) Here’s a look at some of its most interesting findings.
Even within one report, it’s easy to see there are mixed reviews of millennials’ financial well-being. They’re saving but struggle to make bill payments. They’re considered financially healthy but dealing with debt. Navient’s report is by no means definitive, but it’s interesting to see how young people respond to these surveys, especially given concerns about student loan debt and how it affects their role in the economy.
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