There’s a new crew coming of age. Enter Generation Z.
Gen Z — those born between the mid-1990s and the early 2000s — makes up one-quarter of the U.S. population. By 2020, they’ll account for 40% of all consumers. The oldest members of this next cohort — 18- to 20-year-olds — are coming of age. Here are some insights on how this initial segment of Gen Z is beginning to use credit.
- Credit scores averaged 631 in 2016.
- Debt levels — consisting largely of bankcards and auto and student loans — are low, with an average debt-to-income ratio of just 5.7%.
- Average income is $33,800.
- Total annual plastic spend is about $9,500, slightly more than that of younger millennials.
This generation is being raised in an era of instant, always-on access. They expect a quick, seamless and customized mobile experience. You have just 8 seconds to capture their attention.
