User uShare Login | Register
Login
Register

Along with posting photos, videos, and stories, your uShare account lets you post Classified Ads, recipes on What's For Dinner, and Announcements.


77° View Weather Current Conditions Sioux Falls Change Location
Set Weather Options

RADAR LOCATION

TEMPERATURE LOCATION

News

[0] My Saved Articles
Back to all news

Business

Find local businesses
on the KELO Pages!

 

Millennials 'Drowning' In Debt; Try To Save

June 12, 2014, 10:10 PM by Angela Kennecke

Millennials 'Drowning' In Debt; Try To Save
SIOUX FALLS, SD -

From student loans to credit cards, many millennials say they feel like they're drowning in debt.  Wells Fargo surveyed 1,600 millennials between 22 and 30 years old and found debt was their biggest financial concern.  But even as they struggle financially, millennials place a high priority on saving. 

Paying for higher education and credit card bills, nearly half of millennials spend at least half of their monthly paychecks on their debt. 

"I worry about debt a lot; I'm going to a four-year school," Carrington Kissner said.

Millennials are putting the biggest chunk of their income to credit card bills, and then mortgage debt followed by student loans. 

"I think jobs are out there and good jobs are out there, but at the beginning, you don't make a lot," Josh Aberson said.

Real Estate Broker Josh Aberson isn't worried about debt, but he knows his clients are.  As a result, he sees his peers putting off home ownership.

"It's increasingly becoming 27 to 30. I just sold a house to a first-time homebuyer couple that's 29 and 33 and they waited," Aberson said.

The Wells Fargo Survey says Millennials' attitudes toward spending and saving have been shaped by the Great Recession.

"With the recession and everything that's happened, and the financial troubles that have occurred for a lot of families-I think (people) our age has kind of grown up with the idea that you have to support yourself or you have to find help and a lot of that is going to be through loans," Josh Jasper said.

At the same time, most millennials, some 72 percent, are confident they can save enough to create the lifestyles they want in the future.

"I'm really positive and I'm going to be hopeful, but I'm still worried," Kissner said.

More than half of those surveyed say they are saving for retirement, with most saving between one and five percent of their income.  Those that aren't saving at all for retirement say they just don't have enough money to save right now. 

In the Wells Fargo survey, the median annual household income for millennial men is $77,000 versus $56,000 for women.

Previous Story

Next Story


Comments







 
Find Local Businesses on KELO Pages!

View business

You may also like

Two KELOLAND Target Stores Now Open Extended Hours

8/19/2014 12:16 PM

Night owls who enjoy shopping at Target will soon have a few more hours to browse the shelves.

Full Story
SF Food Scene Gets Some National Attention

8/15/2014 8:14 PM

Sioux Falls' local flavor is getting national attention.

Full Story
Raven Balloons In Demand By Google

8/20/2014 9:10 AM

Raven Industries reports that sales for the second quarter are up to $94.5 million from $93.4 million the same time last year, due in part to Google&#...

Full Story
Sioux Falls Store Included In UPS Breach

8/21/2014 1:53 PM

If you used a credit or debit card at a UPS Store in the last seven months, some of your personal information could be a risk.  

Full Story
New CEO Of Idled Aberdeen Beef Plant Optimistic

8/17/2014 3:45 PM

The new CEO of a beef plant that has sat idle in Aberdeen since 2012 is optimistic about the facility's future.

Full Story


Events