One of the biggest purchases Americans make could be changing the way they live their lives
Steve Bardens / Stringer / Getty Images
In fact, 78% of borrowers agree student debt has impacted their ability to save for retirement, 50% have been held back from buying a house, and 21% are struggling to start a family, according to a 2016 survey from EdAssist that examined the perspective of 1,000 Americans with student loans.
And it's not just Millennials who are dealing with this burden.
Sixty-five percent of Baby Boomers still carry debt for their own education and 78% say it affected their ability to save for retirement.
"You would think that far in your career, with that much tenure behind you, you'd have your student loan debt paid off," Chris Duchense, vice president of client services and marketing at EdAssist, told Business Insider.
Clearly, that's not the case.
Worries of debt may have kept Americans from pursuing their dream jobs, forcing them to prioritize those that offer higher pay or better benefits - such as student-loan debt repayment programs - instead.
"When borrowers go for a higher-paying job in a field they don't care about, they might be less engaged and less likely to stay at the job," Duchense told Business Insider. "A potential employer then misses out on the benefits of the competence, passion, energy, and expertise that drives the company."
To attract and retain talent, employers may have to start taking this financial burden into consideration.
"If you're an employer that demonstrates that you understand it, acknowledge it, and will do something about it, then you're really going to differentiate yourself from the marketplace," Duchense told Business Insider.
With the current national debt at $1.3 trillion and growing every second, the issue of student debt does not seem like it will subside any time soon.
"All these forces at play are pointing that this is going to be a continuing point of interest and a continuing point of pain for employees," Duchense told Business Insider.
NOW WATCH: These businesses profit off your laziness
- US buys 81 Soviet-era combat aircraft from Russia's ally costing on average less than $20,000 each, report says
- 2 states where home prices are falling because there are too many houses and not enough buyers
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- 9 health benefits of drinking sugarcane juice in summer
- 10 benefits of incorporating almond oil into your daily diet
- From heart health to detoxification: 10 reasons to eat beetroot
- Why did a NASA spacecraft suddenly start talking gibberish after more than 45 years of operation? What fixed it?
- ICICI Bank shares climb nearly 5% after Q4 earnings; mcap soars by ₹36,555.4 crore
- Nothing Phone (2a) blue edition launched
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market