Millennials owed an average of $47,283 in unsecured debt last year, largely driven by student debt loads
Close up of man hands holding and empty wallet. financial crisis, bankruptcy, no money, bad economy Concept.
“The average insolvent millennial is just 33 years old, yet they are 1.7 times more likely than baby boomers and 1.4 times as likely as generation X to file insolvency, relative to the population,” said licensed insolvency trustee Ted Michalos in a press release. “We’ve noticed an overall trend since 2016 that the average insolvent borrower continues to get younger, with student loan debt and extremely high-cost loans being the main drivers of their insolvency.”.
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