American Student Assistance Young Workers and Student Debt Survey Report
Methodology
February 2017
A new survey from American Student Assistance®, a private nonprofit dedicated to eliminating finance
as a barrier to education and the dreams education enables, reveals the burden of student debt on
young employees and explores potential employer-driven benefits. The survey was conducted online in
January 2017 by Regina Corso Consulting. The survey polled 502 young workers between the ages of 22
and 33 as well as 451 human resource managers at companies with at least 100 employees.
The results highlight the many challenges faced by young workers with student debt and the strong
demand for benefits such as financial literacy, one-on-one counseling, sign-on bonuses and student loan
repayment. Young Workers and Student Debt highlights how rising student loan debt is negatively
affecting young workers’ focus, well-being and retirement planning as well as delaying their pursuit of
further higher education. The research also reveals a gap between human resource managers and their
young workforce as to the perceived impact of student loans and the solutions that young workers are
seeking in exchange for their loyalty.
A breakdown of the survey’s results can be found below.
Question: How often do you worry about repaying your student loans?
Analysis: Over half of young workers worry about repaying their student loans all the time or often and
one-quarter sometimes worry. Just one in five say they don’t worry about it.
35%
30%
26%
30%
25%
25%
20%
14%
15%
6%
10%
5%
0%
All the time
Often
Sometimes
Not that
much
Not at all
Question: Which of the following financial obligations do you worry about the
most?
Analysis: When it comes to worrying about their financial obligations, three in ten young workers worry
most about their student loans.
35%
30%
25%
20%
15%
10%
5%
0%
31%
28%
26%
9%
I worry most I worry about
about my
all my
student loans obligations
equally
I worry most
about my
credit card
debt
I worry most
about my
mortgage
6%
I worry most
about my car
loan
Question: How often do you think your younger employees worry about their
student debt?
Analysis: While one-quarter of young workers worry about their student loans all the time, only over
one in ten of those in HR think they worry about it all the time.
50%
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
43%
29%
14%
12%
2%
All the time
Often
Sometimes
Not that
much
Not at all
Question: How strongly do you agree or disagree with the following
statements?
Analysis: A majority of young workers say student loans come first and they’ll worry about their
retirement later.
I would like to go to graduate school but couldn't
take on any more student loans
55%
Right now, paying off my student loans comes first
and I'll worry about saving for retirement later
54%
I really have no idea how I'm going to pay back all
my student loans
44%
Worrying about my student loans has impacted my
health
40%
I do not consider myself financially literate
39%
0%
10%
20%
30%
40%
50%
60%
Question: Which would you say is a priority for you right now?
Analysis: Three in five young workers say a higher priority for them is paying off their student loans, not
saving for retirement.
70%
60%
59%
50%
41%
40%
30%
20%
10%
0%
Paying off my student loans
Putting money in a 401(k) to save
for my retirement
Question: Looking at the following list of possible benefits, which of the
following benefits do you currently receive and which ones do you take
advantage of? Even if you may not take advantage of the benefit, please
indicate if it is available.
Analysis: Among the total group, health insurance and 401(k) matches are the ones people take the
most advantage of when it comes to benefits.
Are available
Take advantage of
Not available
26%
Health insurance
72%
1%
20%
401(k) match
60%
19%
46%
Health Flexible Saving Accounts
37%
15%
Financial planning assistance
36%
18%
45%
16%
Student loan repayment
9%
74%
20%
27%
Prof membership payments
52%
23%
Commuter payments
15%
0%
10%
20%
60%
30%
40%
50%
60%
70%
80%
Question: Which two or three of the following are most important to you
personally? Please think of all the benefits, not just ones that your company
may offer.
Among younger workers, health insurance and a 401(k) match are the most important benefits to them
personally, but half say student loan repayment is important.
Health insurance
82%
401(k) match
74%
Student loan repayment
51%
Health Flexible Saving Accounts
21%
Financial planning assistance
16%
Prof membership payments
12%
Commuter payments
None of these
10%
0%
0%
50%
100%
Question: How strongly do you agree or disagree with the following
statements?
Analysis: Among both young workers and those in HR, there is a strong belief that employers need to
keep more than just compensation in mind.
Employers need to consider a lot more than just
health insurance and compensation to retain good
employees
94%
Employers should be concerned about their
employee's work/life balance
93%
Employers need to always think about refreshing
their benefits package
92%
My employer understands that I need more beyond
compensation
77%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%100%
Question: Does your current place of employment offer any guidance or
assistance to you regarding your student loan debt?
Analysis: There is a definite disconnect between those in HR and young workers as to whether their
company offers guidance or assistance regarding student loan debt.
Young workers
80%
70%
60%
50%
40%
30%
20%
10%
0%
HR
75%
54%
24%
14%
22%
12%
Yes, it definitely does I'm not sure, it may No, it does not offer
offer something
anything
Question: How strongly do you agree or disagree with the following
statements?
Analysis: Roughly 4 out of 5 of young workers would commit to their employer for 5 years if they helped
pay off their student loans.
I would commit to my employer for 5 years if they
helped pay off my student loans
86%
I have a plan and know how my student loans will
get paid back
78%
When it comes to my finanical knowledge, I have
worked to understand all aspects of it
76%
I don't have anyone to turn to for help with regard
to paying off my student loans
63%
I have considered getting a second job to help pay
off my student loans
61%
0%
20%
40%
60%
80%
100%
Question: Thinking about possible assistance that a company could provide with
regard to student loan debt, how likely would you be to take advantage of each
of the following?
At least four in five young workers say they are likely to take advantage of each of these five possible
types of assistance for helping with student loan debt.
A sign-on bonus to specifically help with student loans
93%
A match, like a 401(k) match, to help pay down the loan
92%
Overall long-term financial planning
89%
Financial literacy training
82%
Providing free access to a counselor to discuss options
79%
70%
75%
80%
85%
90%
95%