An Alarming Number of Millennials Have More Debt Than Savings: How To Turn This Around

January 29, 2025 – In a GoBankingRates article about the amount debt of millennials have, Michelle Smoley, director of personal and college finance at Bright Horizons College Coach shares steps millennials can take to pay down debt and increase savings to get themselves into better financial standing.

“Try allocating the highest percentage of your available funds towards living expenses and necessities, and then allocate the next highest percentage towards debt elimination and the smallest amount towards savings,” said Michelle Smoley, director of personal and college finance at Bright Horizons College Coach. “The purpose of using these models is to change financial behavior and hold yourself accountable in meeting specific goals.”

Read the full article here.