Millennials are more stressed than other generations about debt and more likely to have trouble sleeping.
BMO’s Psychology of Debt Report finds that, even though they might have less debt than some generations, half of millennials are more likely to lose sleep compared with 43% of gen Xers and 22% of baby boomers.
Millennials have an average debt load of $73,305 compared with $92,476 for gen X and $57,307 for boomers.
Fifty-six percent of millennials are also more likely to think about or be stressed over debt multiple times a day compared with 41% of gen Xers and 24% of boomers. And half of them feel ashamed at the level of debt they’ve accumulated, compared with 39% of gen Xers and 23% of boomers.
“Household debt levels at various ages reflect the financial obligations and milestones at different times in one’s life,” says Tony Tintinalli, regional vice-president with BMO Bank of Montreal. “Millennials are more likely to be carrying student loans, saving for or starting mortgage payments on their first home and entering the beginning stages of careers. Baby boomers are likely to hold more assets and be closer to paying off larger debts.”
Related articles: