Student debt is typically an issue associated with younger Americans in the millennial and Gen Z generations. So how is it that baby boomers actually owe the most?

That’s one of the surprising findings from a recent batch of data published by Fidelity Investments, sourced from its Student Debt Tool. It showed that on a generational basis, baby boomers had an average student loan balance of nearly $55,000 and an average monthly payment of more than $700.

By comparison, millennials had average balances of roughly $44,000 and payments of $590, while Gen Zers had balances of $29,200 and payments of $469.

The corresponding report, published by Fidelity at the end of September, says that the boomers carrying these balances are likely doing so “on behalf of their children.”

“Not all boomers hold student debt, of course, but those who do often have high balances with high interest rates as they pay off loans for their kids or grandkids, or even debt taken on for their own education,” says Amanda Hahnel, VP of emerging products, student debt, at Fidelity. 

“We often think about student debt as a young person’s issue, but the reality is that it impacts people across generations and is an important part of many age groups’ financial stories,” Hahnel adds.

Worrisome implications for retirement

For boomers and older Gen Xers (Gen X has average loan balances of more than $52,000, and payments of $629), the main issue is that monthly payments cut into what they’re able to stash away for retirement. And members of those generations are much closer to retirement than the younger cohorts.

“Holding student debt close to retirement age can impact borrowers’ ability to put money away for their future,” Hahnel says.

Additional Fidelity data found that nearly one-third of baby boomer parents “say having to pay off their own student loans has delayed them starting to save for retirement. This may be why we see boomers with such high balances,” Hahnel notes.

Fidelity’s data breaks down student debt balances by industry, with healthcare workers reporting the highest loan balances: nearly $75,000, on average, with monthly payments of $837.

Professional, scientific, and technical service workers are the next leading category, with average balances of $52,523 and payments of $621; retail trade workers are third, with balances of more than $53,000 and payments of $600.

The data from Fidelity highlights a lesser-known aspect of the student debt crisis: It’s not just a burden for the young, but a cross-generational issue impacting retirement prospects for older Americans.