STAFFORD, Texas, Jan. 17, 2025 (GLOBE NEWSWIRE) -- Money Management International (MMI), a leader in nonprofit financial counseling and education, announced a dramatic 35% increase in new clients seeking financial counseling in 2024.
This surge reflects growing financial hardships nationwide, with record-high unsecured debt, surging delinquency rates, and soaring living costs placing unprecedented pressure on households—especially younger generations.
Key Findings from 2024
1. Young Adults Drive Client Growth:
The 21-30 age group experienced the most significant growth, with a 48% year-over-year (YoY) increase in new clients at MMI. Although they carry lower unsecured debt, their debt is increasing at a faster rate than MMI's overall client base. This demographic saw a 12% rise in average unsecured debt, from $16,318 in 2023 to $18,254 in 2024.
2. Overall Debt on the Rise:
Across all age groups, the average unsecured debt rose by 8%, reaching $29,364 in 2024.
3. Housing Costs Hit New Highs:
Housing expenses increased by 11% YoY, with homeowners facing a 12% surge ($1,900/month) and renters seeing a 9% jump ($1,300/month).
4. Regional Hotspots for Financial Strain:
Clients in the states of New York, Maryland, Massachusetts, and Tennessee saw above-average increases in both new clients and unsecured debt levels.
Clients from Hawaii had the highest unsecured debt loads, averaging over $37,000.
DATA
| Age Group | YoY volume new clients | 2023 Avg Unsecured debt | 2024 Avg Unsecured debt | YoY unsecured debt |
| 21 - 30 | 48% | $16,318 | $18,254 | 12% |
| 31 - 40 | 30% | $26,383 | $29,392 | 11% |
| 41 - 50 | 34% | $32,155 | $34,472 | 7% |
| 51 - 60 | 43% | $31,149 | $33,475 | 7% |
| 61 - 70 | 34% | $26,860 | $28,502 | 6% |
| 71+ | 16% | $24,641 | $25,305 | 3% |
| Total | 35% | $27,188 | $29,364 | 8% |
| Housing arrangement | 2023 housing cost | 2024 housing cost | YoY % increase |
| Homeowners* | $1,700 | $1,900 | 12% |
| Renters | $1,190 | $1,300 | 9% |
| All** | $1,400 | $1,550 | 11% |
*Includes both escrow and non-escrow mortgage payments.
**Includes clients who split their housing payments with non-clients.
Additional historical insights can be found on the MMI Consumer Distress Dashboard.
MMI's Commitment to Financial Stability:
"These indicators are a wake-up call, highlighting the urgent need for financial education and guidance as households grapple with escalating debts and living costs," said Thomas Nitzsche, Vice President of Public Relations at MMI. "We are dedicated to empowering individuals to take control of their finances and helping them navigate these challenges. Through personalized counseling, actionable budgeting strategies, and effective debt management solutions, we provide clients with the tools and confidence they need to break free from debt and build a brighter, more secure financial future."
About MMI
Money Management International (MMI) has been at the forefront of financial health solutions for over 65 years. As a leading nonprofit organization, MMI is dedicated to changing how America overcomes financial challenges by offering timely and expert guidance. Recognized by major financial organizations and media outlets, MMI's award-winning programs help individuals reach their financial goals and foster a life of financial wellness. Learn more at MoneyManagement.org.
To schedule an interview with Thomas Nitzsche and/or an MMI client, please contact:
Thomas Nitzsche, 404.490.2227, Thomas.Nitzsche@MoneyManagement.org
Jackie Callaway, 813.610.8241, Jackie.Callaway@MoneyManagement.org
Lori Geary, 404.551.2151, lgeary@lexiconstrategies.com
Thomas Nitzsche Money Management International 404.490.2227 Thomas.Nitzsche@MoneyManagement.org Lori Geary Lexicon Strategies 404.551.2151 lgeary@lexiconstrategies.com
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