Those closest to retirement are the most optimistic about getting out of debt
Millennials already can’t buy houses because of their student loan debt, but they aren’t the only Americans feeling the squeeze.
In fact, Americans are averaging $37,172 in student loan debt per person for something they feel is a necessary expense. Despite this hurdle, 85 percent of people feel like their finances will stay the same or improve, according to insurance provider Country Financial.
“Regardless of their financial situation, Americans value the opportunity to pursue advanced education and believe it will help them achieve their financial goals,” says Country Financial executive VP Doyle Williams. “How they approach the management of student debt will be a rising concern.”
Even with those cushy feelings, 36 percent of people feel like they will never be able to pay back their loans. Americans are turning a blind eye to the danger they’re in, which is going to come back to haunt them.
Millennials are the most blissful
Millennials are among the biggest optimists when it comes to their future, with 46 percent of them thinking their situation will get better. But they have plenty to worry about.
According to nonprofit American Student Assistance, 56 percent of students worry about paying their loans back and 61 percent are considering a second job. Even though students think their future is bright, they’re still facing their debt in the short term.
Baby boomers lead the pack when it comes to staying stable. Fifty-five percent think their finances will remain the same, which is partially because 62 percent say they can pay their debt on time.
Shifting the blame
The loan problem is also affected by many Americans who can’t take the blame for their own lack of financial security.
Eleven percent of millennials and 13 percent of Generation X believe their bosses have the most impact on their finances. Nine percent of boomers think Donald Trump has the most impact on their security.
The truth is, people don’t even know enough to take charge of their own finances. According to U.S. Bank, 52 percent of parents think that debit cards affect credit scores.
Misinformation is causing people to make stupid mistakes and teach incorrect financial habits. If they can’t learn simple money matters, they won’t be able to fix their student loan issues either.
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Article last modified on December 4, 2017. Published by Debt.com, LLC . Mobile users may also access the AMP Version: Americans Feel Positive Despite Large Student Loan Totals - AMP.