Gen Zers are using credit cards more than millennials at the same age, but many are falling behind [Yahoo! Finance]
TransUnion (TRU)
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Source: Yahoo! Finance
As a result, they're relying on credit much more than millennials did at the same stage of life, according to a recent TransUnion report According to the credit bureau, 84 percent of 22- to 24-year-olds had a general-purpose credit card during the fourth quarter of 2023, compared with just 61 percent of 22- to 24-year-olds exactly a decade earlier. For comparison, private-label retail credit cards (which can typically only be used at a particular store or chain of stores) were more common a decade ago (44 percent of 22- to 24-year-olds had one in late 2013 versus 26 percent late last year), though that market has been under major pressure from Affirm Afterpay Klarna and other buy now, pay later (BNPL) lenders. What has shaped Gen Zers' attitudes toward credit? “Gen Z consumers have seen their finances significantly impacted by the pandemic and its aftermath, even more so than the challenges faced by millennials as a result of the Global Financial Crisis,” said Michele Raneri, vi
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