Hispanic millennials carry nearly $10,000 less debt than other ethnic groups, according to a survey by the PNC Financial Services Group, Inc.
The average non-Hispanic millennial – 20 to 29 years old and trying to establish a career in the direct aftermath of the global recession – is $27,800 in debt, according to the survey. Comparably, the average Hispanic millennial is $18,000 in debt.
Millennials are more affected by student loan debt than any other age group.
The PNC study surveyed 3,288 participants online from all over the country, including 588 Hispanics, in an effort to gain insight into the financial mindset of the nation's millenial generation.
According to the study, Hispanics may have lesser debt due to their propensity to live at home with their parents and thus benefiting from strong family support. The survey found 45 percent of Hispanic millenials live at home, compared to 39 percent of non-Hispanic millenials.
"For Hispanics, it's culturally acceptable and even encouraged to live at home in your 20s," Mekael Teshome, PNC economist said in a statement.
"It's a way to pay off debt while you're still finding your footing in life. Getting this emotional, financial and cultural support from their family solidifies why Hispanic 20-somethings feel like they are better off than their parents," Teshome said.
While the economy continues to rebound after the great recession, Hispanic millennials are more likely to say they are financially better off than their parents were at the same age, according to the PNC survey.