Student loan debt has soared to new heights and become the largest source of personal debt, surpassing automobile loans and credit card debt. Although millennials carry about 75 percent of this burden, baby boomers—many of whom took out student loans for their children and grandchildren—are also feeling the strain.
Debt negatively affects boomers’ financial security, productivity and stress, according to Guardian’s financial wellness study, College Debt in America: The Case for Tuition & Loan Repayment Benefits. Some boomers are struggling with meeting financial goals, affording health insurance and delaying retirement because of student loan debt.
Many employers surveyed said improving employee financial wellness is a top objective. Some employers offer benefits that can help ease debt stress for workers of all ages and their families, including student loan repayment plans, college tuition rewards and debt management resources.