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.

One in three millennials in their early twenties were debt-free. Among older millennials, only one in five achieved debt-free status.

Older millennials carried double the car loan debt, triple the credit card debt, and quadruple the mortgage debt of their younger peers. Student loans, however, saddled both age groups equally, with about 40% claiming to hold such debt.

Overall, the average debt among millennials with some level of college education fell to $31,800, down 30% from $45,400 in 2011.

The number of millennials claiming to save, however, also fell, dropping 6% overall since 2011. The younger set proved to be more ardent savers, with 90% of them saving money, compared to only 83% of older millennials who managed to do so.

The online survey canvassed 3,288 individuals between the ages of 20 – 29. It was conducted online within the United States from June 7 to June 24, 2013.

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