Millennials in their early twenties carry less debt and save more than those in their later twenties, according to data from PNC’s Financial Independence survey.

Of millennials claiming to hold debt, the younger 20-24-year-old set carried just half ($17,100) that of their older peers ($35,600). “Younger millennials just entered adulthood when the economy shifted downward, and as a result it’s clear they’ve become more cautious by avoiding debt,” Cary Guffey, a financial advisor at PNC Wealth Management, said in a statement.

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