Millennials Are More Interested in Their Credit Scores Than Any Generation

Jul 31, 2018

This post contains references to products from one or more of our advertisers. We may receive compensation when you click on links to those products. Terms apply to the offers listed on this page. For an explanation of our Advertising Policy, visit this page.

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%.

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.

Delta SkyMiles® Platinum American Express Card

Earn 90,000 bonus miles and 10,000 Medallion® Qualification Miles (MQMs) after you spend $3,000 in purchases on your new card in the first three months of card membership. Offer ends 11/10/2021.

With Status Boost™, earn 10,000 Medallion Qualification Miles (MQMs) after you spend $25,000 in purchases on your Card in a calendar year, up to two times per year getting you closer to Medallion Status. Earn 3X Miles on Delta purchases and purchases made directly with hotels, 2X Miles at restaurants and at U.S. supermarkets and earn 1X Mile on all other eligible purchases. Terms Apply.

Apply Now
More Things to Know
  • Limited Time Offer: Earn 90,000 Bonus Miles and 10,000 Medallion® Qualification Miles (MQMs) after you spend $3,000 in purchases on your new Card in your first 3 months. Offer expires 11/10/2021.
  • Earn up to 20,000 Medallion® Qualification Miles (MQMs) with Status Boost® per year. After you spend $25,000 in purchases on your Card in a calendar year, you can earn 10,000 MQMs two times per year, getting you closer to Medallion® Status. MQMs are used to determine Medallion® Status and are different than miles you earn toward flights.
  • Earn 3X Miles on Delta purchases and purchases made directly with hotels.
  • Earn 2X Miles at restaurants worldwide, including takeout and delivery and at U.S. supermarkets.
  • Earn 1X Miles on all other eligible purchases.
  • Receive a Domestic Main Cabin round-trip companion certificate each year upon renewal of your Card. *Payment of the government imposed taxes and fees of no more than $75 for roundtrip domestic flights (for itineraries with up to four flight segments) is required. Baggage charges and other restrictions apply. See terms and conditions for details.
  • Enjoy your first checked bag free on Delta flights.
  • Fee Credit for Global Entry or TSA Pre✓®.
  • Enjoy an exclusive rate of $39 per person per visit to enter the Delta Sky Club® for you and up to two guests when traveling on a Delta flight.
  • No Foreign Transaction Fees.
  • $250 Annual Fee.
  • Terms Apply.
  • See Rates & Fees
Regular APR
15.74%-24.74% Variable
Annual Fee
$250
Balance Transfer Fee
N/A
Recommended Credit
Excellent/Good
Terms and restrictions apply. See rates & fees.

Editorial Disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

Disclaimer: The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.