Question of the Day: What’s the average credit score for Gen Z?
It's only a number but an important one at that. Hint: The sum of the three numbers in the answer add up to 22.
Answer: 679
Questions:
- Why are credit scores important?
- What factors affect one's credit score?
- Why do you think Gen Z may have low credit scores relative to older generations? What might be some of the reasons?
Here's the ready-to-go slides for this Question of the Day that you can use in your classroom.
Behind the numbers (Experian):
Scores increased in all age groups. And for the first time, the average FICO® Score of Generation X (ages 41 through 56 in 2021) is in the 700s.
The average score of millennials and Generation X both increased seven points from 2020 to 2021. The youngest consumers in Generation Z increased scores by five points, and the average score of baby boomers increased four points. The silent generation—the cohort with the best average credit score—increased two points.
--------------
Check out the NGPF Unit: Managing Credit to find Lessons, Activities, and other resources
--------------
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.
SEARCH FOR CONTENT
Subscribe to the blog
Get Question of the Day, FinCap Friday, and the latest updates from NGPF in your inbox by subscribing today:
MOST POPULAR POSTS
