Nearly three-quarters U.S. millennials live paycheck to paycheck, survey shows

About 7 in 10 millennials in the U.S. are living paycheck to paycheck, with many struggling to pay off their bills every month, a new survey shows.

The main reasons for millennials' financial distress is heavy debt and the financial pressure of having to look after dependent family members, according to the survey from personal finance site Pymnts and LendingClub, an online lender. 

By comparison, about half of baby boomers live paycheck to paycheck, compared to 64% of Gen Xers and 66% of Gen Z. Across all age groups, 60% of U.S. adults live paycheck to paycheck, down from 64% during this same period last year, Pymnts said.