Let’s talk debt! So, what’s the average credit card debt for Gen Z?
Well, Gen Z is described as the generation born between the years 1997 and 2012.
According to Next Gen Personal Finance, an amazing resource for all things financial literacy (Check them out here), the average credit card debt for this generation Gen Z is $2,312.
That’s lower than all prior living generations!
- Millennials (1981 – 1996): $4,569
- Gen X (1965 – 1980): $7,236
- Boomers (1946 – 1964): $6,230
- Silent Generation (1928 – 1945): $3,821
The reasoning behind such low credit card debt from Gen Z is that they’re younger and have lower incomes, so they have a lower credit limit and therefore they have lower debt.
We see this as a great opportunity to prepare Gen Alpha (the next generations after Gen Z) so they’ll have a much lower credit card debt than their predecessors!
Buy them Mrs. Honey’s ABC’s of Money so they will learn early on about credit cards, to avoid debt and interest…
“Credit is a promise you will pay
back money you may need to borrow someday
You give the money back, every dollar and dime.
Be sure you pay it all, and pay it on time!”