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Debt, Credit and Gen Z

credit debt and gen z infographic. 47% of Gen Z usually saves or invests extra money at the end of the month, a higher savings rate than Millennials or Gen X. They seek in-app support and purpose-driven savings accounts. Gen Z cares more about their credit score than Millennials. Men are less concerned about their score than women. 52% of Gen Z uses TikTok for financial reasons. 
Gen Z uses financial apps at higher levels than other generations. Student loan debt represents 28% of the debt load for adults under 30. After 30 debt load shoots up with mortgages. With mortgage loan interest rates staying high, existing homeowners are staying in their homes so new loans are skewing younger. Graphic by LuMarie Guth, Nov 6, 2023; Data from Mintel, Gen Z, Millennials and Finance – US – 2023


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WMU Sanford Financial Center

Business Librarian

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LuMarie Guth

1049 Waldo Library