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

May 19, 2023|0 min read
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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.

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What other consumer trends are emerging?

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