The report was based on data from a survey of 600 US Millennials who are in college, or have completed some college work, or have already obtained a college degree. The researchers also surveyed 300 Gen Xers.
Nearly half of Millennials say they would use an extra $1,000 to pay down or pay off debt.
Other popular responses include making a small purchase (under $100), using the money for travel, saving for a rainy day, and investing.
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