Question of the Day: What is the most popular credit product for Gen Z consumers?
Answer: Credit Cards
- What do you think will be your first credit product, if any, from the list above?
- How would you describe your feelings about borrowing money (credit)?
- The chart above compares Gen Z and Millennials when they were at the same ages. What differences do you see in the credit behaviors?
Behind the numbers (CNBC):
TransUnion compared the credit activity and performance of millennials (25 to 39 in 2019) and Gen Z consumers in the U.S. To have a true “apples to apples” comparison, TransUnion observed millennials who were between the ages of 18 and 24 years old in 2012 and Gen Z consumers who were 18 to 24 years old as of 2019, adjusted for risk and age differences.
The comparison found a difference between which products each generation preferred. Gen Z favored credit cards (41%) over student loans (37%) while millennials were the reverse — student loans (44%) and credit cards (34%).
Students take on the role of lender and learn about the tricks of the loan trade in NGPF's Shady Sam
Did you miss NGPF's "Best of..." series in December? Here are some of the highlights:
- NGPF's Best of 2021: Product Releases and Updates
- NGPF's Best of 2021: FinCap Friday
- NGPF Best of 2021: Arcade Games and Interactives
- NGPF's Best of 2021: Top Search Terms on NGPF Website in 2021