Millennials who carry debt owe an average of $27,900, according to a recent issue of CUtoday — a much bigger debt load than their parents had at their age, with liabilities accounting for 44% of assets. They have smaller savings accounts than prior generations, have invested less, and are less likely to own a home.
While high unemployment caused by the novel public health crisis is affecting every age group, millennials are among the most financially vulnerable. They entered this uncertain period with significant obligations and fewer resources.
Millennials also make up a majority of workers in some of the hardest-hit industries, such as hospitality, restaurant, retail, and contractual jobs. A recent report in Data for Progress also found 52% of people under the age of 45 have lost a job, been put on leave, or had hours reduced due to the pandemic, compared with 26% of people over age 45.
CEFCU is here to help with many resources, including:
- Transferring higher-rate credit cards and/or loan balances to a CEFCU® Credit Mastercard®
- Consolidation Student Loans
- GreenPath Financial Wellness, offering free credit and debt counseling services
- Investment and savings programs, including a My Save Certificate® to start small and save big
- Special offers, educational articles, calculators, and many other tools in the Home Loan Center
- Online Budgeting Tools using CEFCU On-Line® and/or Mobile Banking
- And more.
If you’ve been specifically impacted by COVID-19, check out our updates at cefcu.com for additional assistance. We’re here for you!