Gen Z credit scores on the rise along with debt balances

By Chris Horymski | Stacker Milan Ilic Photographer // Shutterstock (Stacker) – The media is having a hard time nailing down the financial vibes of the youngest generation of consumers—Gen Z. You might see Gen Z described as financially unsure and insecure, knee deep in debt or even more spendy and carefree than the avocado toast generation that preceded them. Despite the commentary, however, Experian data shows that by and large, Generation Z’s debt is increasing at the same rate as other generations’. As part of our ongoing review of consumer debt and credit in the United States, Experian took a look at the leading edge of Generation Z, who were between 18 and 26 years old in the third quarter (Q3) 2023. This analysis lays out some of the facts from aggregated Experian data, along with some context, to explain what’s happening in the wallets of younger consumers. Experian How Much Debt Does Gen Z Have? Gen Z isn’t falling into more debt than others, according to Experian data. Nor are comparisons to millennials at their age particularly apt, as 15 years ago the economic and credit landscape (both still reeling from the Great Recession) meant a different experience...