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The relationship between Millennials and Credits

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There are numerous pointers that are used to help define a particular generation, and when it comes to millennials, you can find evidence to suggest that their typical profile would be someone who is highly educated, ambitious and self-confident, as well as definitely tech-savvy.

Millennials are definitely a connected generated, using their cell phones and other mobile devices, to communicate and engage with others via social media and text.

There is no doubt that millennials have definitely made their mark and noticeably influenced mainstream culture, but one of the most noticeable differences between this generation and those that we have sought to define before it like the baby-boomers, is their attitude towards credit.

This infographic takes a look at millennials and credit, demonstrating an interesting contrast and shift in attitudes in comparison to previous generations.

Any changes in attitude and the way they do everyday things like banking are going to potentially influence future generations, especially when you consider that millennials outnumber baby boomers by 15 million.

One major shift that immediately leaps out when you view the facts and figures about millennials, is that just 3% of them have taken out a mortgage. There definitely seems to be more of a shift in emphasis on what this generation likes to spend its money on, so all of the traditional life goals such as buying a house, getting married and starting a family, are not taking such a priority.

It seems millennials have a different attitude not just towards credit, but a lot of other things besides, that tend to define a generation.

Millennials-and-Credit-IG

 

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