According to the Western Union Payments Money Mindset Index survey's student debt data for the first quarter of 2012, Gen Y is more likely than any other generation to carry student loan debt, and 10% of Gen Y members are holding a hefty amount of it–$30,000 or more.
Gen Y beats out Gen X and baby boomers in carrying the most student loan debt totaling anywhere from $1,000 to more than $30,000, the survey states.
"The most surprising survey result is the amount of debt that Gen Y is accumulating," said David Shapiro, senior vice president for Western Union. "That speaks to our economic situation in terms of unemployment and how it is impacting students. When students do not have savings, or families with savings, and they recognize the value of a college education, they're going to take on debt. Then when they come into the workforce, the result can be lingering debt."
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Natasha Chilingerian
Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.
