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The 75.4 million1 Americans who make up the millennials—people born in the ’80s and ’90s—have faced the daunting task of entering the workforce during, or shortly following, the largest downturn since the Great Depression. Those lucky enough to find or keep jobs in a contracted market may have faced other hurdles—like paying down historically high levels of debt.
As many as 44.7 million Americans have student loan debt, according to a 2018 report by the Federal Reserve Bank of New York. The total amount of student loan debt is $1.47 trillion as of the end of 2018.2
But, while millennials have bills to pay, most acknowledge that they also need to save, and many are anxious to get started. After all, some saw their parents struggle financially and lose ground with savings goals during the recession.
Here are some tips for keeping your head above water, and building a savings plan:
1 Millennials Overtake Baby Boomers as America’s Largest Generation,” Pew Research Center, April 25, 2016.
2 Nigel Chiwaya, “These five charts show how bad the student loan debt situation is,” NBC news, April 24, 2019.