![\"Millennials-and-Credit\"](\"http:\/\/www.avant.com/blog\/wp-content\/uploads\/2015\/11\/Millennials-and-Credit-IG.png\")
<\/p>\nMillennials have made their mark on mainstream culture, but what about when it comes to personal finance? See what effects an increase in higher education, waiting to start a family and technology have all had on America\u2019s largest generation.<\/p>\n
<\/p>\n
An overview of the generation causing all the buzz<\/strong> They like pocket-sized banking On average, American Millennials make $20,000 less than the U.S. Average ($30,000 v. $50,000)<\/p>\n The Millennial Credit Portfolio<\/strong> Credit Cards Millennial Budgets<\/strong> More Health, Wealth and Happiness Less Playing House Where Millennials stack up against the U.S. Credit Score<\/strong> Why Millennials scores aren’t as high as previous generations<\/strong> The Millennial Credit First Aid Kit<\/strong> Sources:<\/strong> Millennials have made their mark on mainstream culture, but what about when it comes to personal finance? See what effects an increase in higher education, waiting to start a family and technology have all had on America\u2019s largest generation. An overview of the generation causing all the buzz Millennials outnumber Baby Boomers by 15 million […]<\/p>\n","protected":false},"author":38,"featured_media":4892,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"ocean_post_layout":"","ocean_both_sidebars_style":"","ocean_both_sidebars_content_width":0,"ocean_both_sidebars_sidebars_width":0,"ocean_sidebar":"0","ocean_second_sidebar":"0","ocean_disable_margins":"enable","ocean_add_body_class":"","ocean_shortcode_before_top_bar":"","ocean_shortcode_after_top_bar":"","ocean_shortcode_before_header":"","ocean_shortcode_after_header":"","ocean_has_shortcode":"","ocean_shortcode_after_title":"","ocean_shortcode_before_footer_widgets":"","ocean_shortcode_after_footer_widgets":"","ocean_shortcode_before_footer_bottom":"","ocean_shortcode_after_footer_bottom":"","ocean_display_top_bar":"default","ocean_display_header":"default","ocean_header_style":"","ocean_center_header_left_menu":"0","ocean_custom_header_template":"0","ocean_custom_logo":0,"ocean_custom_retina_logo":0,"ocean_custom_logo_max_width":0,"ocean_custom_logo_tablet_max_width":0,"ocean_custom_logo_mobile_max_width":0,"ocean_custom_logo_max_height":0,"ocean_custom_logo_tablet_max_height":0,"ocean_custom_logo_mobile_max_height":0,"ocean_header_custom_menu":"0","ocean_menu_typo_font_family":"0","ocean_menu_typo_font_subset":"","ocean_menu_typo_font_size":0,"ocean_menu_typo_font_size_tablet":0,"ocean_menu_typo_font_size_mobile":0,"ocean_menu_typo_font_size_unit":"px","ocean_menu_typo_font_weight":"","ocean_menu_typo_font_weight_tablet":"","ocean_menu_typo_font_weight_mobile":"","ocean_menu_typo_transform":"","ocean_menu_typo_transform_tablet":"","ocean_menu_typo_transform_mobile":"","ocean_menu_typo_line_height":0,"ocean_menu_typo_line_height_tablet":0,"ocean_menu_typo_line_height_mobile":0,"ocean_menu_typo_line_height_unit":"","ocean_menu_typo_spacing":0,"ocean_menu_typo_spacing_tablet":0,"ocean_menu_typo_spacing_mobile":0,"ocean_menu_typo_spacing_unit":"","ocean_menu_link_color":"","ocean_menu_link_color_hover":"","ocean_menu_link_color_active":"","ocean_menu_link_background":"","ocean_menu_link_hover_background":"","ocean_menu_link_active_background":"","ocean_menu_social_links_bg":"","ocean_menu_social_hover_links_bg":"","ocean_menu_social_links_color":"","ocean_menu_social_hover_links_color":"","ocean_disable_title":"default","ocean_disable_heading":"default","ocean_post_title":"","ocean_post_subheading":"","ocean_post_title_style":"","ocean_post_title_background_color":"","ocean_post_title_background":0,"ocean_post_title_bg_image_position":"","ocean_post_title_bg_image_attachment":"","ocean_post_title_bg_image_repeat":"","ocean_post_title_bg_image_size":"","ocean_post_title_height":0,"ocean_post_title_bg_overlay":0.5,"ocean_post_title_bg_overlay_color":"","ocean_disable_breadcrumbs":"default","ocean_breadcrumbs_color":"","ocean_breadcrumbs_separator_color":"","ocean_breadcrumbs_links_color":"","ocean_breadcrumbs_links_hover_color":"","ocean_display_footer_widgets":"default","ocean_display_footer_bottom":"default","ocean_custom_footer_template":"0","ocean_post_oembed":"","ocean_post_self_hosted_media":"","ocean_post_video_embed":"","ocean_link_format":"","ocean_link_format_target":"self","ocean_quote_format":"","ocean_quote_format_link":"post","ocean_gallery_link_images":"off","ocean_gallery_id":[],"footnotes":""},"categories":[1421],"tags":[],"class_list":["post-4885","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-borrow","entry","has-media"],"yoast_head":"\n
\nMillennials outnumber Baby Boomers by 15 million
\nGeneration Z: 23 million
\nMillennials: 92 million
\nGen X: 61 million
\nBaby Boomers: 77 million<\/p>\n
\n– 80% of millennials access their financial institutions on their phones<\/p>\n
\nWhat kinds of credit are Millennials most likely to take out?<\/p>\n
\n– 27% of Millennials have opened credit card accounts
\nStudent loans
\n– 24% of Millennials have taken out student loans
\nCar Loans
\n– 14% of Millennials have taken out auto loans
\nMortgage
\n– 3% of Millennials have taken out a mortgage<\/p>\n
\nWhere Millennial’s cash flows<\/p>\n
\nOrganic food
\nCraft beer
\nTattoos
\nHealth\/Wellness
\nSharing services (e.g. Uber)<\/p>\n
\nHomes
\nCars
\nWedding
\nChildren<\/p>\n
\nAverage U.S. Credit Score: 695
\nAge: 19 to 34 had a 625 average credit score
\nAverage debt (including mortgages) $52,120
\nBankcard balance overage $3,403
\nCredit utilization 43%<\/p>\n
\n– Spending after consolidating debt: 23% of Millennials would consolidate their debt to spend more money
\n– Loan use: 29% of Millennials would take out a personal loan for a vacation or wedding
\n– Lack of credit awareness: only 48% of Millennials are aware of their credit score
\n– Underemployment:20% of degree-holding Millennials earn less than $25,000
\n– Lack of investment: In 2014, only 38.6% of millennials held equity in stock<\/p>\n
\n– Diversify credit
\n– Reduce credit utilization below 30% of total credit available
\n– Understand and check credit score
\n– Avoid collections and pay bills on time
\n– Keep low credit card balances
\n– Apply for open credit only when needed<\/p>\n
\n[1] http:\/\/www.fico.com\/en\/node\/8140?file=8406 (Options and Opportunities: Foraging Lasting Banking Relationships with Millennials)
\n[2] http:\/\/www.bankrate.com\/finance\/credit-cards\/more-Millennials-say-no-to-credit-cards-1.aspx (More Millennials say \u2018no\u2019 to credit cards)
\n[3] https:\/\/www.creditkarma.com\/trends\/age (Credit Trends)
\n[4] http:\/\/www.cnbc.com\/2015\/09\/02\/know-about-credit-cards.html (What Millennials don\u2019t know about credit cards)
\n[5]http:\/\/www.experian.com\/assets\/consumer-education-content\/images\/credit-then-and-now-infographic-f.pdf?WT.srch=PR_CIS_Millennials_20150730_pressrelease_CreditThenNow (Millennials vs. Gen X)
\n[6] http:\/\/www.cutimes.com\/2015\/07\/30\/Millennials-build-credit-with-auto-loans-experian (Millennials Build Credit with Auto Loans: Experian)
\n[7] http:\/\/www.goldmansachs.com\/our-thinking\/pages\/Millennials\/index.html (Millennials: Coming of Age)
\n[8] http:\/\/cdn2.hubspot.net\/hub\/55706\/file-600316645-pdf\/Flyers\/The_Millennial_Shift_Study_Flyer.pdf (The Millennial Shift: Financial Services and the Digital Generation)
\n[9] http:\/\/www.slate.com\/blogs\/moneybox\/2014\/12\/08\/broke_millennials_the_decline_of_young_adult_incomes_since_the_recession.html (How Broke Are Millennials? This Broke.)
\n[10] http:\/\/thefinancialbrand.com\/49848\/millennial-geny-digital-payments-banking-communication\/ (8 Astonishing Facts Bankers Should Know About Millennials)
\n[11] http:\/\/time.com\/money\/3979425\/millennials-consumers-boomers-gen-x\/ (10 Things Millennials Buy Far More Often Than Everyone Else)
\n[12] http:\/\/time.com\/money\/2820241\/10-things-millennials-wont-shell-out-for\/ (10 Things Millennials Won\u2019t Spend Money on)
\n[13] http:\/\/www.thefiscaltimes.com\/2015\/10\/06\/Here-s-Why-Millennials-Have-Lowest-Credit-Scores (Here\u2019s Why Millennials have the Lowest Credit Score)
\n[14] https:\/\/assets.nerdwallet.com\/blog\/wp-content\/uploads\/2015\/09\/NerdWallet-Consumer-Credit-Card-Report-2015-Data-Pack-vFinal.pdf (2015 NerdWallet Consumer Credit Card Report)
\n[15] http:\/\/www.forbes.com\/sites\/ashleystahl\/2015\/05\/11\/the-5-4-unemployment-rate-means-nothing-for-millennials\/ (The 5.4% Unemployment Rate Means Nothing For Millennials)
\n[16] http:\/\/www.prnewswire.com\/news-releases\/the-great-credit-divide-millennials-struggle-to-manage-their-credit-while-boomers-express-confidence-300154410.html (The Great Credit Divide: Millennials Struggle To Manage Their Credit While Boomers Express Confidence)<\/p>\n","protected":false},"excerpt":{"rendered":"