However, unlike their older counterparts, reducing debt isn't necessarily millennials' No. 1 priority. When asked about their top goals, the most popular response, given by 54 percent of those surveyed, was saving enough to afford a major milestone, such as getting married or buying a house..
Other popular financial priorities for millennials include establishing a budget (42 percent), reviewing retirement plan contributions (13 percent) and reviewing tax strategies (13 percent).
Though they must contend with the rising costs of major expenses like college and rent, millennials are focused on reaching their goals and aren't letting debt stand in the way, Northwestern Mutual concludes.
"Millennials have passed the most important first step towards securing their financial futures – understanding they need a plan to meet their goals," Emily Holbrook, director of planning at Northwestern Mutual, says in the survey. "From there it becomes a matter of making sure they have confidence in the paths they're on so that they can live their lives on their own terms."
