Question of the Day: Gen Z (18-24 year olds) have on average ___ credit cards with an average balance (amount they owe) of $______.

Oct 04, 2021
Question of the Day, Credit Cards

Answer: Gen Z (18-24 year olds) have on average 1.64 credit cards with an average balance (amount they owe) of $2,197.


  • What is the first word that comes to mind when you hear "credit card?"
  • When do you think you will get a credit card?
    • If you have one already, when did you get it? How do you use it?
  • What do you think are some of the pros/cons of credit cards?

Here's the ready-to-go slides for this Question of the Day that you can use in your classroom.

Behind the numbers (CNBC):

What Gen Z should be on the lookout for: When you’re young, building credit is essential because it takes time. Since younger consumers are generally less credit experienced and may have thinner credit files compared to older borrowers, the first step is to get a credit card, charge modest expenses and pay them off in full by the due date.

It’s good that Gen Z is already establishing credit by getting approved for credit cards. Additional credit cards increase their overall credit limit, which is likely the factor contributing to their lower utilization rates. Low balances and high limits are the recipe for a low utilization.


Your students will learn the tricks of the lending trade with NGPF Arcade game Shady Sam


Buy Now Pay Later (BNPL) is the fastest growing credit product being marketed to Gen Z. Learn more with the NGPF On-Demand module focused on BNPL. 

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.