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Which generation is most in debt?

Key statistics
  • People aged 40-49 hold the highest amount of debt with $4.21 trillion in total.
  • By 2030, Millennials (born between 1981 to 1996) are expected to have the most total debt at an average of $228,891 per person.
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What generation holds the most debt?

While credit card debt increased the most among Gen Z in the second quarter of the year, Gen Z holds the least amount of debt, while Gen X, individuals born between 1965 and 1980, hold the most, according to Credit Karma data.
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Which generation has the most student debt?

Gen X and Baby Boomers, ages 50 to 61, have the highest average student loan debt at $45,138. Elder Millennials and Gen X, ages 35 to 49, have the second-highest average student loan debt at $43,438. Baby Boomers and the Silent Generation, ages 62 and up, have the third highest average student loan debt at $41,269.
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Why is Gen Z in debt?

Members of Generation Z are struggling to keep up their credit scores because of a combination of higher borrowing costs, slowing wage growth, student loans and other debts.
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Which age group has the most credit card debt?

A consumer's age may also influence how much debt they carry on their credit card accounts. According to the most recent Transunion data from Q1 2023, those aged 40-49 had the highest average credit card balance of $7,600. The age group with the lowest average credit card balance was those under 29 at $2,900.
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Which Generation Has The Most Debt?

Why do Millennials have less credit card debt?

They seek credit less often

Millennials are considerably less attracted to debt than the preceding generations. For instance, Federal Reserve data1 indicates that the percentage of Americans under 35 with credit card debt has dropped to its lowest level since 1989.
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What generation has the most credit cards?

Baby Boomers, Gen X Have Most Credit Cards on Average

Americans who have reached middle age or older—Gen X and baby boomers—hold the most credit cards, with an average of more than four per person. Members of Gen Z held just half that—among those old enough to have credit cards, that is.
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Which generation has the least debt?

By generation, Gen Xers have the most nonmortgage debt

Comparatively, the generation with the least debt — Gen Zers (ages 18 to 26) — owes less than half as much, with an average balance of $21,665.
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Are Gen Z financially savvy?

And while there are plenty of pitfalls and missteps that could plague young people along the way, Gen Z is shaping up to be the most financially savvy generation yet.
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Is Gen Z struggling financially?

Gen Z faces unique financial challenges

Yet, more than a third of young Gen Zers have also faced setbacks in the past year, the survey found, which may have led them to stop saving or take on more debt. Gen Z faces unique financial challenges compared to older generations.
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Which generation is the wealthiest?

Who has the most in assets? Baby boomers also have the most assets per household, followed by the silent generation, Generation X, and millennials. As for asset components, baby boomers have the most in retirement savings, as many people of the generation have not yet retired or been retired for very long.
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Which generation has more who have never been in debt?

These percentages may seem discouraging; however, let's examine the respondents who have overcome debt or have never had any debt at all. According to our results, baby boomers were the most likely to overcome debt – 14% completely got out of debt, while nearly 12% of Gen Xers and over 7% of millennials did the same.
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Are millennials richer than boomers?

Here are some of their key findings: Wealth: Millennials at the 90th percentile of wealth distribution in the U.S. possessed about 20% more wealth than boomers did at 35 ($457,000 vs. $373,000). However, the median millennial had 30% lower wealth than the median boomer at that age ($48,000 vs.
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What age are most people debt free?

The Standard Route is what credit companies and lenders recommend. If this is the graduate's choice, he or she will be debt free around the age of 58. It will take a total of 36 years to complete. It's a whole lot of time but it's the standard for a lot of people.
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What is the average credit card held by Gen Z?

In the U.S., Gen Z credit cardholders have an average of 1.5 credit cards, which is lower than the average American's four credit cards. The median credit card balance is $606 and cardholders have roughly a 31% utilization rate (the total amount of credit you're using compared to your total credit limit).
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Are millennials struggling financially?

Older millennials, aged 35 to 44, are the least likely to say they feel “financially well,” according to Bank of America's 2023 Workplace Benefits Report, which surveyed more than 1,300 employees and 800 employers across the country. A full 80% report feeling stressed out by their financial situations.
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Is Gen Z better off than millennials?

A new survey says it has a more positive outlook on homeownership, too. Gen Z is more optimistic about owning a home compared to millennials, per a Redfin survey. Previous surveys found that Gen Z is also ahead when it comes to home purchases.
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What Gen Z cares most about?

What are Gen Z's values? Gen Zers generally have strong values related to racial justice and sustainability. Mobilizations like the Global Climate March, led by Gen Z activist Greta Thunberg, thrive on the activism of young people. Climate change is one of the issues Gen Zers care about most.
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What percent of Americans are debt free?

Around 23% of Americans are debt free, according to the most recent data available from the Federal Reserve. That figure factors in every type of debt, from credit card balances and student loans to mortgages, car loans and more.
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What's the average debt for an American?

American households carry a total of $17.29 trillion in debt as of the third quarter of 2023, and the average household debt is $103,358 as of the second quarter of 2023. How is that debt split between mortgages, auto loans, credit cards, and other types of loans?
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Is $5000 in credit card debt a lot?

$5,000 in credit card debt can be quite costly in the long run. That's especially the case if you only make minimum payments each month. However, you don't have to accept decades of credit card debt.
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Which credit card do most millionaires use?

The most prestigious credit card is the invitation-only Centurion® Card from American Express (Amex Black Card), as well as The Platinum Card® from American Express, and the Chase Sapphire Reserve® card. All three cards require applicants to meet high income and/or spending standards for approval.
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What is the #1 credit card to have?

The best credit card overall is the Wells Fargo Active Cash® Card because it gives 2% cash rewards on all purchases and has a $0 annual fee. For comparison purposes, the average cash rewards card gives about 1% back. Cardholders can also get an initial bonus of $200 cash rewards after spending $500 in...
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Does Gen Z carry cash?

Roughly 69% of Gen Zers say they're using cash more now compared to a year ago and 30% are using the “cash stuffing” technique to manage their money, according to a May report from credit reporting company Credit Karma.
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