Millennials and Gen Z Consumers Believe Current Economic Environment Is Hurting Their Ability to Be Financially Independent Adults
23 Mai 2023 - 12:04PM
Business Wire
New research from Experian shows economic
trends and layoffs have America’s youngest consumers more focused
on their financial health and looking for help
Nearly 70% of Gen Z and millennial1 consumers believe the
current economic environment is hurting their ability to be
financially independent adults and more than 1 in 4 don’t feel
optimistic about their current financial situation, according to
new research released today by Experian®. The recent economic news
and layoffs, however, have spurred 75% of these consumers to focus
on their financial health.
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Experian’s survey of more than 2,000 millennial and Gen Z
consumers across the United States revealed:
- ‘better understanding personal finance’ is a goal for most
consumers within both groups
- nearly 4 in 5 (77%) are striving to be more financially
literate
- 75% stated they would feel more optimistic about their
financial situation if they had a better understanding of personal
finance
- nearly 70% (69%) are actively searching for a trusted source
for personal finance information
“We believe in financial power for all and ensuring America’s
youngest consumers are empowered to be financially independent
adults is key to achieving this,” said Christina Roman, consumer
education advocate at Experian. “Personal finance and credit
education are central to our mission. We are committed to being a
trusted resource for consumers looking to improve their financial
health during our current economic environment and beyond.”
Credit’s role in unlocking life’s big moments
Having an established credit history is a key component of
financial health, and most young consumers (82%) understand they’ll
need a good credit score to make a life milestone purchase. A good
credit score is also an important factor when considering a life
partner for 65% of millennial and Gen Z consumers and nearly half
(47%) said it’s a key consideration before having a, or another,
child. Nearly 80% (79%) are actively trying to increase their
credit score now rather than later, yet most millennials and Gen Z
consumers (52%) don’t know how to start building credit.
Despite the current environment, 64% of the country’s youngest
consumers feel confident that they will be OK financially.
“The good news is there are free educational resources and newer
tools available today, including Experian Boost®2 and Experian Go™
which can help consumers establish their credit histories and begin
building, or improving, their FICO®3 Score in minutes,” added
Roman.
Experian’s free credit education resources and tools
- Get a free copy of your Experian credit report and FICO Score®4
at www.experian.com or via Experian’s mobile app. Experian’s mobile
app also has access to free personal finance and credit building
tools.
- Add positive telecom, utility, video streaming service and
qualifying rent payments to your Experian credit report for an
opportunity to improve your credit scores by visiting
www.experian.com/boost.
- Young consumers without an established credit history can
download Experian’s mobile app and enroll in a free Experian
membership to establish, use and grow credit responsibly with
Experian Go.
- Join Experian’s #creditchat hosted by @Experian on Twitter with
financial experts every Wednesday at 3 p.m. Eastern time.
- Visit the Ask Experian blog for answers to common questions,
advice and education about credit.
- Learn how to build and protect your credit with Experian’s
Credit Essentials for Everyone flipbook and find additional credit
education resources at
http://www.experian.com/consumereducation.
- Find additional money-saving resources from Experian by
visiting Experian.com/savings
For more information on Experian’s millennial and Gen Z
research, visit:
https://www.experian.com/blogs/news/2023/05/23/millennial-gen-z-personal-finance-trends/
About Experian
Experian is the world’s leading global information services
company. During life’s big moments – from buying a home or a car,
to sending a child to college, to growing a business by connecting
with new customers – we empower consumers and our clients to manage
their data with confidence. We help individuals to take financial
control and access financial services, businesses to make smarter
decisions and thrive, lenders to lend more responsibly, and
organisations to prevent identity fraud and crime.
We have 21,700 people operating across 30 countries and every
day we’re investing in new technologies, talented people, and
innovation to help all our clients maximise every opportunity. With
corporate headquarters in Dublin, Ireland, we are listed on the
London Stock Exchange (EXPN) and are a constituent of the FTSE 100
Index.
Learn more at www.experianplc.com or visit our global content
hub at our global news blog for the latest news and insights from
the Group.
____________________
1
For the purposes of this survey,
respondents between the ages of 18 – 26 were classified as Gen Z
and those between the ages of 27 – 42 were classified as
millennials. Experian commissioned Atomik Research to conduct an
online survey of 2,008 adults between the ages of 18-42 years old
throughout the United States, with even distribution between
Generation Z (N=1,005) and millennials (N=1,003) participants.
The margin of error is +/- 2
percentage points with a confidence level of 95 percent. Fieldwork
took place between March 31, 2023, and April 4, 2023.
2
Results will vary. Not all
payments are boost-eligible. Some users may not receive an improved
score or approval odds. Not all lenders use Experian credit files,
and not all lenders use scores impacted by Experian Boost. Learn
more.
3
FICO is a registered trademark of
Fair Isaac Corporation
4
Credit score calculated based on
FICO Score 8 model. Your lender or insurer may use a different
FICO® Score than FICO® Score 8, or another type of credit score
altogether. Learn more.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230523005023/en/
Amanda Garofalo Experian Public Relations 1 714 460 3739
amanda.garofalo@experian.com
Experian (LSE:EXPN)
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