A PNC survey of Americans in their 20s found that the younger half of that age group holds less debt.

The 20- to-24 year-olds have $17,100 in debt, less than half the $35,600 held by 25- to 29-year-olds, the study found.

Almost one-third of the younger category have no debt at all, compared to one-fifth for the older group.

"Financial maturity in this generation has noticeably shifted," Cary Guffey, a financial adviser at PNC Wealth Management, said in a statement.

"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."

The economy was in recession from December 2007 to June 2009.

The two age groups carry debt in different categories. The older crowd has debt levels double that of the younger crowd for car loans, triple that of the younger crowd for credit cards and quadruple that of the younger crowd for mortgages.

About 40 percent of each age group has debt from student loans.

The survey of 3,288 people in their 20s was conducted in June.

Overall, consumer debt rose 1.1 percent in the third quarter, by the largest dollar amount in more than five years, according to the New York Federal Reserve Bank.

"The figures are scary because they show people are taking on more debt at a time when jobs are still uncertain," Linda Sherry, director of national priorities for the advocacy group Consumer Action, told the Los Angeles Times.

"It's dismal to contemplate a life of frugality, and many people are suffering from frugality fatigue. Some consumers feel like they should spend it while they have it."

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