Student Loan Debt Prevents Baby Boomers from Saving for Retirement
October 16, 2018
Student loan debt is a much-discussed issue for Millennials, but a new study shows that it is also getting in the way of other generations’ major life milestones and their ability to save for retirement. The study, conducted by the AARP and the Association of Young Americans, shows that Gen Xers and Baby Boomers are impacted by student debt as well.
The study was based on a survey of nearly 5000 adults, including members of all three generations, and showed results that may be worrying for Boomers who are nearing retirement. 1 in 3 Boomers said that student loan debt was preventing them from saving for retirement. 1 in 3 also said that it was preventing them from buying a house. 33 percent of Boomers said that student debt has stopped them from buying a car, and 18 percent said that it is preventing them from even moving from their current residence. In total, 48 percent of Boomers who have student loans view household debt as a major problem. This is even higher than the rate of Millennials with student loans who feel the same way, which is 44 percent.