Gen X and Y lead US trend as a nation of debtors

San Francisco, CA  (All News Wire) (, a national online financial rewards program for saving and paying down debt, has announced the findings in its first U.S. Consumer Savings and Debt Report.  The report’s major findings focused on the savings and debt habits of Gen X and Y, who lead the nation with a burden of debt — the average total debt load is close to $37,000 per person for younger Americans under 47.

Significant differences in the kinds of debt remain, however. Over 60% of Gen Xer’s debt comes from mortgage and student loans, considered “good” debt, that helps build assets and job opportunities.  Gen Yers however have close to half of their obligations, 48.4%, in non-asset building loans, mostly considered “bad debt.”

“Consumers under 47 are still recovering from the Great Recession and are shouldering a disportionate share of our national debt,” said Priya Haji, CEO of “Faced with higher debt earlier in life does make it more challenging for the younger generation to establish a secure financial future.  We need financial institutions, policy makers and innovators to work together to create solutions to help this next generation succeed financially.”

Gen X and Yers have an average of $46,972 and $28,930 in total debt respectively, compared to the national average debt load of $36,157.

Other key statistics broken down by age group with the following loan type:

Generation X

  • Average mortgage debt of $181,706  (over 21% above the US average)
  • Average student loan debt of $44,270 (82.2% higher than US average)
  • Average credit card debt of $8,801 (over 22% higher than US average)

Generation Y

  • Average mortgage debt of over $161,000 (7.5% above the US average)
  • Average student loan debt of $40,273 (65.7% higher than US average)
  • Average credit card debt of $4,113 (42.8% lower than US average)

Saving Patterns of Gen X and Y
Analyzing savings, significant differences appear as well. Large gaps between savers and spenders appear early on amongst consumers under 47. Only 32% of Gen Xers are investing and saving for retirement. However, that 32% represents close to 82% of total Gen X savings. Those “savers” put aside more than the median amount of $61,000 with an average of $65,463 in 401k and IRA accounts.
For Gen Yers, 29% are saving in longer-term funds like IRA, taxable investments and 401K accounts. For those, the average balance in retirement accounts is $24,415, twice the median amount of $12,000 for that age group.

Finally, Gen X and Y divide their savings fairly equally in three ways. Over one third (34.6%) of their total savings is set aside towards retirement. Another 32.5% is placed in taxable investment plans, while the remaining 32.9% is allocated to low interest bearing savings accounts (CDs, savings, money market, etc).

The U.S. Consumer Savings and Debt Report analyzes current savings and debt levels of its user base and will make monthly comparisons pulled at least 30 days prior and no more than 90 days prior to the stated month. This month’s report is based on the data a representative sample of more than 20,000 SaveUp users’ savings and debt balances.

About SaveUp
Founded in 2011, San Francisco-based SaveUp is the first free nationwide rewards program that encourages Americans to save money, pay down debt and make positive financial changes. By partnering with major consumer brands and financial institutions, SaveUp gives users the opportunity to win exciting prizes for performing positive financial actions. Individual user information is secure on the site with bank level encryption. Intuit provides the back-end aggregation technology and SaveUp has completed a bank-level security audit.

To get rewarded for your positive financial actions or to partner with SaveUp as a bank or sponsor, please visit us at


  • Gen X (born in 1965-1980), Gen Y (born in 1981-1995)
  • Non-asset building debt includes loans like credit cards, car loans, lines of credit and other loans.
  • Taxable investments are any investments of which taxes are not deferred, such as mutual funds, stocks, etc.

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