Trend #1: Digging Out of Debt (or Not)

• Many Americans are deeply in debt, which can effectually lead to bankruptcies, foreclosures, or paying down said debt down at the expense of setting aside personal savings.
• Millennials' debt level has reached $1 trillion as of 2019. $370 billion worth of this is student loan debt.
• Increasing student loan debt combined with the Great Recession has affected the millennial generation dramatically. Its net worth is $40,000 less than that of gen x during the same age range.
• Despite having a greater net worth, however, gen x carries slightly more consumer debt ($36,000) on average than millennials ($27,900).
•  79% of young people between ages 18 and 30 have a personal plan to get themselves out of debt.
• Baby boomers are by all accounts are the wealthiest generation, but debt is still a major worry. 44% of baby boomers are unsure about when they'll be able to pay off their debt.
•  35% of Americans over age 73 believe that they will die in debt.

Trend #2: The Looming Death of Social Security

• The future of social security is on unsteady ground, and younger generations are planning to face retirement without it.
•  90% of Americans say that "they would feel 'betrayed' if Social Security" was no longer an option for them.
•  64% of current retirees rely on social security as their primary source of income, and 41% of baby boomers are expecting to follow suit.
•  79% of gen x believes that social security will no longer be a primary income option by the time it reaches retirement. 87% of millennials and 84% of gen z agree.
• A substantial portion of gen x (41%), millennials (45%), and gen z (44%) believe that they will have to rely on personal savings to pay for retirement. Only 22% of baby boomers and 5% of current retirees depend on personal savings as their primary income source for retirement.

Proprietary Research