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Forty-five percent of millennials think they earn less than their peers, according to a new survey by Insider and Morning Consult. Only 34% of millennials think they earn more, and 21% said they didn't know. The picture is brighter debt-wise — 48% percent of millennials think they have less debt than their peers, while 35% think they have more. Millennials think they have less debt than their peersHowever, millennials are slightly more positive about their debt situation in comparison to their friends — 48% think they have less debt than their peers, while 35% think they have more. But of those who do have a mortgage, half owe more than $100,000, while the other half owe less.

Of those respondents, 28% said they've paid off debt with financial help from friends and family. They were more likely than other generations in general to say they've received help from family in paying off debt. As of 2019, student-loan debt is at an all-time high with a national total of $1.5 trillion. According to Student Loan Hero, the average student-loan debt per graduating student in 2018 who took out loans was a whopping $29,800. Paying off student-loan debt is the most significant life milestone millennials think they can achieve, according to a survey by personal finance company SoFi.

The survey asked all respondents how they think their finances compare to others their age — and 37% of millennials think they're doing worse than their peers. Of these respondents, 10% think they're much worse off, while 27% think they're somewhat worse off. More millennials are positive when it comes to the peer comparison — 46% think they're much better or somewhat better off than their peers (the remaining 17% said they didn't know). If millennials are overall thinking they're doing better than their peers, the situation on the ground may be better than we believe. But these results are on par with what overall respondents in the survey said — 38% think they're much or somewhat worse off than their peers, while 43% think they're somewhat or much better off.

That might be because most millennials with credit-card debt don't owe a lot. About 70% of those who have little stress about their credit-card debt owe less than $5,000. But 20% owe $5,000 to $10,000, almost 5% owe between $10,000 and $20,000, and 3% owe $30,000 to $40,000. It's a somewhat similar picture for those who aren't stressed at all about their credit-card debt — 83% owe less than $5,000. Perhaps these unworried millennials are just confident they'll pay their debt off — 64% of millennials who have credit-card debt have paid it all off at one point or another before.

Insider's experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our partners, however, our opinions are our own. If you don't follow through with a payment plan and aren't fortunate to receive a financial windfall, financial help, or have your loans forgiven, you may end up joining the 11% of respondents who declared bankruptcy. Chapter 7 bankruptcy — liquidation bankruptcy for people with limited incomes, that aims to discharge all debt — involves more risk, attorney William Waldner of Midtown Bankruptcy previously told Business Insider. So bankruptcy may not wipe out the debt the way you think it will.

Of those with credit card debt, more than half owe less than $5,000 and nearly a quarter owe $5,000 to $10,000. In fact, nearly as many millennials have a mortgage as ones that have undergrad student loan debt (28.4%). Slightly more than half owe between $5,000 and $30,000 on their undergrad student loans. That's not to mention postgrad student debt, which 11% of millennial respondents have. That more millennials have car loan debt could be because Gen X and baby boomers have paid off their car loans by now.

☆ More than half of millennials have credit-card debt, and it reflects a financial reality other generations didn't face
▼ + stars: | 2019-10-16 | by ( Hillary Hoffower | Economics Correspondent | Millennial Wealth | ) www.businessinsider.com time to read: +3 min

More than half (51.5%) of those in a new survey from Insider and Morning Consult said they had credit-card debt. The survey polled 2,096 Americans about their financial health, debt, and earnings for a new series, "The State of Our Money." Of those who were in credit-card debt, slightly more than half (54%) said they owed less than $5,000, and 24% said they owed $5,000 to $10,000. The remaining one-fourth said they owed significantly more — 9% owe $10,000 to $20,000, 4.5% owe $20,000 to $30,000, and 4.5% owe more than $30,000. About 67% of the millennial respondents with credit-card debt said they had a lot or some stress about it — even those with smaller sums of debt.

☆ Rob Gronkowski said he hasn't ruled out an NFL comeback — here's how he saved his entire $54 million career earnings from the NFL
▼ + stars: | 2019-08-28 | by ( Hillary Hoffower | ) www.businessinsider.com time to read: +5 min

Gronkowski retired from the NFL in March with his entire career earnings: $54 million, according to Spotrac. He was able to save this nest egg by following a simple money rule: Keep it simple by saving surplus money. The New England Patriots tight end had a nice nest egg to fall back on: his entire NFL career earnings, which total $54 million after nine seasons, according to Spotrac. "I'd just say keep it simple," Gronkowski told Business Insider last year. One of those is frugality: a commitment to saving, spending less, and sticking to a budget.

☆ Millennials and Gen Z love their technology — but American seniors are actually spending the most time on their screens
▼ + stars: | 2019-08-15 | by ( Hillary Hoffower | ) www.businessinsider.com time to read: +3 min

Americans older than age 65 spend one-third more time a day on their screens than Americans aged 18 to 34 do, reported The Economist. Nielsen data reveals that TV is responsible for the difference — seniors have more interest in TV, spending about four hours more a day with the television on than younger cohorts do. But when used with moderation and self-control, watching TV isn't a bad thing, according to psychologist Leora Trub. The data shows that the elderly spend nearly 10 hours a day on their televisions, computers, or smartphones, while younger Americans spend about seven hours doing so. Technology, she noted, is "... out there for everyone, everyone needs to use it to some extent for their daily lives.

Persons: Leora Trub, Nielsen, —, Read, there's, Trub Organizations: Nielsen, Service, Netflix, Pace University's Digital Media, Psychology, Technology Locations: Wall, Silicon

The US may not have royals, but it does have families with net worths in the billions. See the top-25 richest families in the US, ranked by net worth, starting at roughly $12 billion. But not all of America's richest families began as entrepreneurs — some were also savvy investors. Below, meet the 25 richest families in the US, ranked from lowest net worth to highest net worth. The rankings were determined by the most up-to-date estimated net worths available from Forbes and Bloomberg.

☆ There's a simple rule to determine whether investing while paying off student loan debt is a smart move, according to the experts
▼ + stars: | 2019-04-21 | by ( Hillary Hoffower | Economics Correspondent | Millennial Wealth | ) www.businessinsider.com time to read: +3 min

download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyStudent loan debt is at an all-time high — the national total student debt is over $1.5 trillion and the average student loan debt per graduating student in 2018 who took out loans is $29,800, according to Student Loan Hero. So should millennials still invest while they have student loan debt — or should they pay it off first? Based on that, any student loan debt with interest higher than 7% should be paid off first, she said. Consider the economic climate and company-match programsWhether you invest while paying off student loan debt also depends on the climate in which you're investing, according to Virta. A company match means your company will match whatever contribution you put towards your 401(k) up to a certain amount.

Twenty-eight percent of millennials think they're worse off financially than they thought they'd be a decade ago, according to an INSIDER and Morning Consult survey. Twenty-eight percent of millennials think they're worse off financially than they thought they'd be a decade ago, according to an INSIDER and Morning Consult survey. Of those who answered the question, more than half who think they're worse off financially consider themselves poor, while 34% of respondents consider themselves working class — only 14% of the people who answered think they're middle class. The burden of student-loan debt, which totaled nearly $1.5 trillion in 2018, according to Student Loan Hero, doesn't make saving any easier. Of the millennials who think they're worse off financially, 33% are still paying off student loans; 23% previously paid them off.

Persons: they'd, —, Read, Jason Dorsey, Millennials, Louis, Dorsey, doesn't, There's, hasn't Organizations: Service, Federal Reserve Bank of St, Loan, millennials, Student Loan

Nearly 80% of American parents financially support their adult children, according to a 2018 Merrill Lynch survey. A 2018 Merrill Lynch survey revealed that 79% of US parents provide financial support to their adult children, contributing to $500 billion spent annually. According to the Merrill Lynch survey, parents today are largely helping out with food and groceries, cell phone bills, and car expenses. Many parents surveyed would make various financial sacrifices for their adult children. When it comes to homebuying, 26% of parents told Merrill Lynch they would help their child with a down payment.

☆ 11 states pay more in federal taxes than they get back — here's how every state fares
▼ + stars: | 2019-01-14 | by ( Hillary Hoffower | ) www.businessinsider.com time to read: +2 min

We looked at the monetary difference between how much taxpayers pay to the federal government and what they receive back in federal services. The majority of states receive more in federal services than what they pay in federal taxes, but 11 states, including California and New Jersey, spend more than they receive. AdvertisementYou get what you pay for — but that may not always be the case when it comes to federal taxes. The difference per capita means how much the average state resident received in federal services versus what they paid in federal taxes. The majority of states received more in federal services than what they pay in federal taxes.

Persons: — Organizations: California and, Service, Consulting, New York, IRS, Census Bureau Locations: California, California and New Jersey, Washington, , Iowa, Iowa, In Iowa

☆ Here's how much the typical worker makes at 15 retail companies, from Amazon to Walmart
▼ + stars: | 2018-10-02 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +2 min

Retail employers like Walmart and Target are spending big bucks to hire and retain workers. SEC rules require publicly traded companies to disclose their workers' median annual pay. Here's what the median worker gets paid at 15 retail companies, from lowest to highest. Rules following the financial crisis of 2008 require public companies to calculate their median worker's annual salary in order to compare it to the CEO's compensation. Scroll through below to see where 15 of the largest companies rank, from lowest to highest annual pay.

Bankrate.com recently released a report detailing the best places to save for a six-month emergency fund in 50 US metro areas. San Jose, California, was the hardest place to save money for emergencies, while Kansas City, Missouri, was the easiest. AdvertisementAdvertisementA new report by Bankrate.com outlines the best places to save money for a six-month emergency fund across 50 US metro areas. Even in the easiest metro area to save money — Kansas City, Missouri — the typical family can save as much as 63% of their emergency-fund goal in just one year. We narrowed down the list to the 25 best places in the US to live to save money, ranked from the hardest to easiest.

Persons: Bankrate.com, That's, deducting Organizations: Kansas Locations: San Jose , California, Kansas City , Missouri, Memphis , Tennessee

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