PHILADELPHIA (CBS) – A new study says the millennial generation is shedding more debt than older adults.

The study, done by Pew Research Center, analyzed data from the government and found that the debt of households headed by adults under 35-year-old fell 29 percent between 2007 and 2010. Results say the debt of households headed by adults over the age of 35 only fell eight percent.

Researchers found that the reason millennials were able to drop their debt at a greater rate was due to owning fewer houses and cars.

Researchers say these results show the societal shift, which has been under way for decades, of delaying marriage and household formation.

For more information or to see the entire study visit: www.pewsocialtrends.org