Millennials struggling with student debt, uncertain economy

Millennials struggling with student debt, uncertain economy

The average student loan debt has more than tripled in the last 20 years.

Living with his parents in Verona, New Jersey is not what 23 year-old Anthony DeCandia envisioned after graduating from college last year.

“Obviously I love my family, I love the free food and I love my dog. But I’m just ready to move on and live on my own and it’s just tough because with these loans and all these debts that us millennials have, we can’t,” DeCandia said.

DeCandia’s story is one of more than 75 million other millennials juggling debt and economic uncertainty, reports CBS News business analyst Jill Schlesinger.

“Millennials are disproportionately more likely to start their economic life in debt and also carry higher amount of debt than [the] previous generation,” said Annamaria Lusardi, a professor of economics with the Global Financial Literacy Excellence Center at the George Washington University School of Business .

The average student loan debt has more than tripled in the last 20 years. For the first time, more millennials are living with parents than with spouses or partners. And since the recession, young adults have been slower to buy homes.

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