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Posted by : Premraj | Posted on : Monday, February 15, 2016

Keeping Score: Millenials and Credit

Millennials outnumber the Baby Boomer generation by some 15 million people, and this a generation that is demonstrating a whole new set of priorities and goals in comparison to their predecessors.

When you look at the financial profile of a typical Millennial, there are a number of interesting comparisons that demonstrate just how different their attitude towards credit is and how their life priorities are not always the same as generations before them.

This infographic takes a look at the complicated relationship between Millennials and credit and comes up with some interesting statistics to think about, such as the fact that only 3% of Millennials have taken out a mortgage.

This is a much lower number than you might expect and it is in part explained by the fact that Millennials earn an average wage which is some $20,000 less than the U.S average, and also influenced by a lower than average credit score, as well as a more focused approach to personal health and happiness rather than property ownership and other aspirations such as getting married and having kids.

With 92 million Millennials, this is a generation that is doing things differently and maybe setting a trend for a shift in aspirations and attitudes that might well carry forward to the next generation too.

Source: avant.com

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