Gen Z Consumers Are Using Credit More, and Differently, than Their Millennial Counterparts at the Beginning of their Credit Journeys
TransUnion (TRU)
Last transunion earnings: 4/28 06:50 am
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Source: GlobeNewswire
LAS VEGAS, May 08, 2024 (GLOBE NEWSWIRE) -- Gen Z consumers are tapping into credit at higher levels than their Millennial counterparts did in the early stages of adulthood (ages 22-24). TransUnion (NYSE: TRU) released these findings today at the company’s 2024 Financial Services Summit, attended by nearly 300 global financial services executives. The new TransUnion study, Solving for Z, explored credit usage by today’s Gen Z consumers and compared it to similarly aged Millennials one decade ago1. The study found that both Gen Z and Millennial borrowers faced early challenges in their credit journeys. 75% of surveyed Gen Z consumers said they had their finances negatively impacted by the pandemic-induced recession, while 60% of Millennials said the Global Financial Crisis had negatively impacted them. However, today’s Gen Z consumers have also faced an additional challenge – a rapid rise in inflation. “Gen Z consumers have seen their finances significantly impacted by the pandemic
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