The majority of working Americans view their student loan debt as a major source of stress, a Guardian financial wellness study has found.
According to the College Debt in America: The Case for Tuition & Loan Repayment Benefits report, seven out of 10 working adults with student debt identify their finances as their major source of stress. Most of them are also pessimistic about making good progress when it comes to paying off their student debt.
The report looks at the negative impact that college debt has on the current workforce, financial security, productivity and stress across different generations.
52 percent of those who consider college debt as a major barrier in meeting their financial goals are later baby boomers, ages 54 to 60 years old, while 32 percent are later millennials, ages 23 to 29 years old.
The report also found that many parents are risking their own financial wellness by using retirement savings and investments to pay for their children’s college education.
“A majority of Americans rely on the workplace for financial security and addressing college debt is one area of focus that is gaining momentum as a viable workplace benefit,” Marc Costantini, executive vice president of commercial and government markets for Guardian, said.
“There is a growing interest among employers to differentiate themselves to attract and retain younger talent, and this workplace benefit can help make a positive difference in improving financial wellness among employees.”
More than 92 percent of surveyed working adults said they would take advantage of an employer match for student loan repayments if it was offered to them.