What Kinds Of Debt Do Gen Z And Millennials Have Ypulse Although gen z's credit card debt was the lowest among all five generations tracked, it grew at the fastest pace of around 6% in comparison to the three months through may 2022. millennials. Bankruptcy filings among 18 to 29 year olds have surged nearly 17% from q1 to q2 of 2024 and are up 13% compared to last year. while the pandemic sparked a drop in filings due to relief measures.
The Rising Tide Of Credit Card Debt For Millennials And Gen Z A recent transunion study found that 84% of 22 24 year old adults had an active credit card as of 2023, compared to only 61% of the same age millennials in 2013. additionally, the federal reserve. Millennials with a credit score of at least 600, meanwhile, saw their scores fall by 22 points on average, while members of gen z in that group saw an average decrease of 20 points. The rising debt load largely reflects a surge in prices for food and shelter at the start of their careers, coupled with a larger percentage of gen z who graduated with student loans. the average. Generation z has been disproportionately pummeled by rising prices, higher housing costs, larger student loan balances and more overall debt than the millennials before them.while both generations came of age in the midst of an economic upheaval, gen z is spending more on necessities than millennials did at the same age, according to a washington post analysis of bureau of labor statistics data.
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