Nov 22

Lenders Might Be Favoring Gen Z

Lenders Might Be Favoring Gen Z

Lenders Might Be Favoring Gen Z

Lenders Might Be Favoring Gen Z

Generation Z—those born after 1996—may only have started building their credit profiles, but they’re already outshining their older counterparts. Gen Z consumers have an average FICO score that’s higher than those of both millennials and Gen X, according to a new study from LendingPoint of more than 5 million near-prime loan applications.

“This is especially interesting when you consider that how long you’ve had credit is a key factor when it comes to credit scoring,” LendingPoint notes in its analysis. “Even with duration of credit use playing a role in FICO scores, Gen Z is off to a strong start in building their credit profile.”

Gen Z has an average FICO score of 637 compared to 629 of millennials and 632 of Gen X, LendingPoint’s study shows.

Gen Z consumers are showing caution with personal finances. “As children, their formative years were dominated by the Great Recession, and they watched as their parents dealt with financial uncertainty and job insecurity,” LendingPoint reports. “As a result, they don’t borrow less, just differently.”

Eighty-nine percent of Gen Zers surveyed say that planning for their financial future makes them feel empowered; 64% have already begun researching financial planning. They may think through their purchases more than previous generations too. Seventy-two percent say the cost is the most important factor when making a purchase.

Source:
“Gen Z Is Turning Around Credit: Survey of NearPrime Borrowers Find Gen Z FICO Scores Higher Than Millennials, Gen X,” LendingPoint (Nov. 14, 2019)

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