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this post was submitted on 17 Aug 2023
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Personal Finance
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It's not just boomers.
Source from Fidelity (PDF)
I'll be curious to see what these numbers look like once student loan repayments start back up in October. I know I'm personally going to have to cut back my 401(k) contributions - which I increased during the payment pause over the last few years - in order to resume my payments, even with an IDR plan.
Gen Y (millenials) saw the second largest increase. Balances for millenials and Gen Z are much lower due to other expenses like student loans.