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Impact of Student Debt on Young Employees

the impact of student debt on young employees infographic

Young workers are worried about repaying their student debt, according to a recent survey by American Student Assistance®, a private nonprofit dedicated to eliminating finance as a barrier to education. They are highly stressed out about debt, which is impacting their productivity at work.

The Young Workers and Student Debt survey polled 502 young workers between the ages of 22 and 33 as well as 451 human resource managers at companies with at least 100 employees. The results are as follows:

  • 56% worry about repaying their loan either all the time (26%) or often (30%).
  • 40% report that worrying about their student loans has impacted their health.
  • 61% have considered getting a second job to help pay off their student loans.
  • 63% report they don’t have anyone to turn to for help with regard to paying off their student loans
  • 54% report that they are putting off saving for retirement to pay student loans.
  • 86% say they would commit to an employer for 5 years if the company helped pay back their student loans
  • 89% would take advantage of overall long-term financial planning if employer offered it.
  • 79% would take advantage of free access to a student debt loan counselor if employer offered it.

 

Source: http://www.asa.org/wp-content/uploads/2017/06/feb_28_2017.pdf