A new report released by ""SaveUp.com"":https://www.saveup.com/, a national online financial rewards program for saving and paying down debt, shows today's younger generations are leading the nation with a burden of debt.[IMAGE]
According to SaveUp.com, the average total debt load for an average member of Generation X or Y (those under the age of 47) is close to $37,000, slightly higher than the national average debt load of $36,157.
Of the two groups, Gen X appears at first to be worse off, with the average person harboring a debt load of $46,972 compared to the Gen Y average of $28,930. However, SaveUp.com finds that more than 60 percent of Gen Xers' debt comes from mortgage and student loans--considered ""good debt"" that helps build assets and job opportunities.
Members of this generation have an average mortgage debt of $181,706 (more than 21 percent above the national average) and an average student loan debt of $44,270 (about 82.2 percent higher than the U.S. average).
Gen Yers, on the other hand, have close to half of their obligations (48.4 percent) in non-asset building loans, which are generally considered ""bad debt.""
""Consumers under 47 are still recovering from the Great Recession and are shouldering a disproportionate share of our national debt,"" said SaveUp.com CEO Priya Haji. ""Faced with higher debt earlier in life does make it more challenging for the younger generation to establish a secure financial future.""
Haji called on financial institutions, policy makers and innovators to ""work together to create solutions to help this next generation succeed financially.""