It’s no secret that today’s millennials are in a serious debt crisis, but it looks like Hispanic youth are coming out ahead of their peers!
According to a survey conducted by the PNC Financial Services Group, Inc. the average millennial carries about $27,800 in debt. Their Hispanic peers, however, carry an average of $18,000.
Fox News Latino reports that millennials, or youth between the ages of 20 and 29 who are trying to establish a career, are more affected by student loan debt than any other generation.
The PNC study, which surveyed over 3,000 participants, including 588 Hispanics, attributes the findings to Latinos propensity to live at home with their parents and benefit from strong family support. The survey found that 45 percent of Hispanic millennials live at home, compared to 35 percent overall.
Makael Teshome, an economist with PNC, said, “For Hispanics, it’s culturally acceptable and even encouraged to live at home in your 20s...Getting this emotional, financial, and cultural support from their family solidifies why Hispanic 20-somethings feel like they are better off than their parents.”
What do you think? Do you agree with the findings? Share in the comments!