Millennials between the ages of 25 and 34 have an average of $42,000 each in personal debt, excluding home mortgages, according to Northwestern Mutual's 2018 Planning & Progress Study. The findings are based on a survey of over 2,000 U.S. adults, including an oversampling of more than 600 millennials (defined here as those aged 18-34).
That's higher than any other generation surveyed. But it might not be a problem. "In my experience, young people don't break in to positive net worth until their early to mid-30's, and that's okay," Oklahoma City-based financial planner Amy Hubble tells CNBC Make It.
Between the ages of 25 and 34, adults often take on debt to get settled; they consider buying homes and starting families. On top of that, many millennials are also paying down student loans, which adds to their burden, Hubble says.