Gen Z may have grown up during the Great Recession, but they're coming of age during the longest bull market in history. A new study shows that Gen Zers -- born in or after 1995 -- have higher credit scores than millennials did at their age.
Generation Z may have grown up during the Great Recession, but they’re coming of age during a historically long economic expansion. That is allowing their financial lives to start off on the right foot.
Taking on debt, whatever its form, isn’t necessarily a good thing. But there’s evidence that Gen Z is also having an easier time paying off their debt than millennials did at their age. Half of credit-active Gen Z consumers have a credit score in the prime range , compared with 39% of millennials back when they entered adulthood, according to TransUnion.Having a strong credit score at a young age can have positive ripple effects through the rest of a person’s financial life.
That has allowed members of Generation Z to take out loans and begin building their credit histories. On the flip side, millennials were more likely to take out a student loan than Gen Zers are today . These preferences, Komos said, are also a sign of the economic times.The flailing jobs market during the Great Recession pushed more millennials to pursue higher education, which is typical of recessions, Komos said.
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