Millennials are most likely to spend an extra $1,000 (i.e., disposable income) on paying down or paying off debt, according to recent research from Element Three and SMARI.
The report was based on data from a survey of 600 US Millennials who are in college, or have completed some college work, or have already obtained a college degree. The researchers also surveyed 300 Gen Xers.
Nearly half of Millennials say they would use an extra $1,000 to pay down or pay off debt.
Other popular responses include making a small purchase (under $100), using the money for travel, saving for a rainy day, and investing.
Millennial respondents are 2.5 times more likely than Gen X respondents to say they would use the money for a large product purchase, and 50% less likely to say they would use the money to save for a rainy day.
About the research: The report was based on data from a survey of 600 US Millennials who are in college, or have completed some college work, or have already obtained a college degree. The researchers also surveyed 300 Gen Xers.
