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Millennials Are More Interested in Their Credit Scores Than Any Generation

July 31, 2018
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3 min read
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Millennials Are More Interested in Their Credit Scores Than Any Generation
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Believe it or not, a recent study conducted by Research Now on behalf of Discover shows that young people are more in touch with their credit score than any other generation in the United States.

While more than half of the population of consumers in the US — 61%, to be exact — reported that they are actively trying to improve their credit score, that percentage is concentrated in the younger generations.

The highest concentration of those taking steps toward improving their credit score lies in the subset of Gen Z go-getters between the ages of 18 and 21, 87% of which are actively working to improve their credit score. Right behind them, 83% of millennials are also trying to get their scores closer to 830. Right behind them comes Gen X with 63% followed by only 34% of Baby Boomers.

It makes sense that younger generations are more concerned with their credit scores, as they tend to be more interested in renting or buying homes and having low insurance rates. “Building credit at a young age can be beneficial down the road when it comes time for some of life’s big moments, like buying a home or a car, or renting an apartment,” pointed out Jeff Bielski, vice president of marketing at Discover.

People are also becoming more aware of their credit in general. Last year, 73% of respondents said that they were aware of their credit standing. This year, it's up to 85%. Credit awareness is more prominent in older generations than younger generations.

Baby Boomers are most aware of their credit standing at a whopping 91%, closely followed by Gen X at 86% and then millennials at 77%.

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Is it possible that Baby Boomers are just so confident in their credit scores that they see no need to improve considering that they're widely aware of their score? Maybe younger generations are more concerned with credit because they are just starting out?

Well, according to the study results, exceptional credit scores (670+) are common in Baby Boomers — over 50% lie in that category, which only 28% of Gen X's and 11% of Millennials have exceptional credit score.

"At the other end of the spectrum," the study explained, "about a quarter of both Millennials and Generation X—24% and 25%, respectively—said their score is fair or poor, compared to just 8% of Baby Boomers."

Below are some other honorable mentions from the study. Check it out:

Credit awareness is rising

  • 82% checked their credit score at least once in the past year, up by 10 percentage points from last year
  • 12% checked their credit score 12 or more times in the past year, an increase of 4 points from a year ago

Millennials check their credit score more often than other generations

  • 70% of Millennials checked their score more than once in the past year, compared to 67% of Generation X and 61% of Baby Boomers
  • 76% of Millennials believe checking their score helps them make smarter financial decisions, compared to 62% of Generation X and 38% of Baby Boomers
Featured image by SHUTTERSTOCK

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Why We Chose It

There’s a lot to love about the Amex Gold. It’s a fan favorite thanks to its fantastic bonus-earning rates at restaurants worldwide and at U.S. supermarkets. If you’re hitting the skies soon, you’ll also earn bonus Membership Rewards points on travel. Paired with up to $120 in Uber Cash annually (for U.S. Uber rides or Uber Eats orders, card must be added to Uber app and you can redeem with any Amex card), up to $120 in annual dining statement credits to be used with eligible partners, an up to $84 Dunkin’ credit each year at U.S. Dunkin Donuts and an up to $100 Resy credit annually, there’s no reason that foodies shouldn’t add the Amex Gold to their wallet. These benefits alone are worth more than $400, which offsets the $325 annual fee on the Amex Gold card. Enrollment is required for select benefits. (Partner offer)

Pros

  • 4 points per dollar spent on dining at restaurants worldwide and U.S. supermarkets (on the first $50,000 in purchases per calendar year; then 1 point per dollar spent thereafter and $25,000 in purchases per calendar year; then 1 point per dollar spent thereafter, respectively)
  • 3 points per dollar spent on flights booked directly with the airline or with amextravel.com
  • Packed with credits foodies will enjoy
  • Solid welcome bonus

Cons

  • Not as useful for those living outside the U.S.
  • Some may have trouble using Uber and other dining credits
  • You may be eligible for as high as 100,000 Membership Rewards® Points after you spend $6,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply to know if you’re approved and find out your exact welcome offer amount – all with no credit score impact. If you’re approved and choose to accept the Card, your score may be impacted.
  • Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year.
  • Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year.
  • Earn 3X Membership Rewards® points per dollar spent on flights booked directly with airlines or on AmexTravel.com.
  • Earn 2X Membership Rewards® points per dollar spent on prepaid hotels and other eligible purchases booked on AmexTravel.com.
  • Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases.
  • $120 Uber Cash on Gold: Add your Gold Card to your Uber account and get $10 in Uber Cash each month to use on orders and rides in the U.S. when you select an American Express Card for your transaction. That’s up to $120 Uber Cash annually. Plus, after using your Uber Cash, use your Card to earn 4X Membership Rewards® points for Uber Eats purchases made with restaurants or U.S. supermarkets. Point caps and terms apply.
  • $84 Dunkin' Credit: With the $84 Dunkin' Credit, you can earn up to $7 in monthly statement credits after you enroll and pay with the American Express® Gold Card at U.S. Dunkin' locations. Enrollment is required to receive this benefit.
  • $100 Resy Credit: Get up to $100 in statement credits each calendar year after you pay with the American Express® Gold Card to dine at U.S. Resy restaurants or make other eligible Resy purchases. That's up to $50 in statement credits semi-annually. Enrollment required.
  • $120 Dining Credit: Satisfy your cravings, sweet or savory, with the $120 Dining Credit. Earn up to $10 in statement credits monthly when you pay with the American Express® Gold Card at Grubhub, The Cheesecake Factory, Goldbelly, Wine.com, and Five Guys. Enrollment required.
  • Explore over 1,000 upscale hotels worldwide with The Hotel Collection and receive a $100 credit towards eligible charges* with every booking of two nights or more through AmexTravel.com. *Eligible charges vary by property.
  • No Foreign Transaction Fees.
  • Annual Fee is $325.
  • Terms Apply.