radial gradient

< Back to Blog

Will Younger Generations Turn to Loans and Credit Cards Less Often?

May 19, 2023 | 0 min read


MX’s latest consumer survey indicates that younger generations may be learning from their predecessors and adopting new financial habits to decrease debt. Take a look at the stats: 

Swiping up debt. When asked what best describes how they use a credit card, the largest portion of respondents — 39% — say they pay off their full balance every month. And, among Gen Z respondents, 1 in 5 say they don’t have one. 

Looking beyond loans. When asked what statement most aligns with their perspective on applying for loans, 35% of Gen Z and 36% of Millennials reported feeling more aligned to paying in full instead of carrying a loan. Instead, they are the generations most likely to leverage Buy Now, Pay Later services. Twenty-four percent of Gen Z and 19% of Millennials say they use BNPL to make large purchases rather than applying for a loan.

What other consumer trends are emerging?



consumer spend

Related Blog Posts

Consumer Expectations for a Better Money Experience

May 25, 2023 | 1 min read

Consumers are looking to financial providers for help improving their financial health. Our research reveals what matters most.

What’s App-ening? Mobile Money Experiences

May 23, 2023 | 1 min read

Consumers are moving to mobile apps to manage more financial tasks. Our research showed the most important aspects to them.

What Financial Wellness Means for Consumers

May 10, 2023 | 2 min read

Our latest survey of 1,000+ U.S. consumers shows current attitudes on financial wellness.

Sign up to receive the latest news, announcements, and event info from MX.

envelope with airplane