Between student loans, credit cards and other expenses, many young people are in deep in the red.
Millennials who carry debt owe an average of $36,000 each and spend around 34 percent of their monthly income paying it off, new data from Northwestern Mutual's 2018 Planning & Progress Study finds.
That's similar to the amount of debt older generations have, according to the survey. Baby boomers with debt hold an average of $39,000 and comparable Gen-Xers have an average of $36,000.
However, unlike their older counterparts, reducing debt isn't necessarily millennials' No. 1 priority. When asked about their top goals, the most popular response, given by 54 percent of those surveyed, was saving enough to afford a major milestone, such as getting married or buying a house. Less than half of those surveyed, 49 percent, mentioned debt repayment among their answers.