Millennials 'overwhelmed' by debt

Four in 10 millennials say they are "overwhelmed" by their debt - nearly double the number of baby boomers who feel that way, according to a Wells Fargo survey of more than 1,600 millennials between 22 and 33 years old, and 1,500 baby boomers between 49 and 59 years old.

Of the respondents, 47 percent said they spent at least half of their monthly income on paying off debts, according to CNNMoney.

"The silver lining of the recession that started over five years ago is that a majority of millennials get that saving is a necessity and even equate it with 'surviving' tough times," said Karen Wimbish, director of retail retirement at Wells Fargo.

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