Even many of the better-off millennials in the first decade of their careers are struggling financially, says PwC.
Of the 36 percent fortunate enough to have retirement accounts, more than three out of 10 have tapped into them for loans or hardship withdrawals, according to a PwC survey released Thursday.
Among the college educated of that generation, 28 percent have resorted to going to a pawnshop or a payday lender in the last five years.
Long-term debt is increasingly common for workers 23 to 35, said the consulting firm, adding, “A college degree may no longer be a guarantee of a better financial future.”
PwC said it is concerned that if these poor money management behaviors become ingrained, they could risk the financial security of millennials for decades.
The report was based on a poll of 5,500 millennials for PwC by the Global Financial Literacy Center at George Washington University.