Credit by the Generation

By Avery Mills | Oct 18, 2017 9:33:16 AM

Credit by the GenerationEvery generation faces their own financial struggles, some of which include buying a home, paying off debt, or saving for retirement. One major aspect of any healthy financial situation is credit and using it responsibly. Let’s compare and contrast how Baby Boomers, Gen X, and Millennials are consuming credit.

  • Baby Boomers were born between the years of 1946 – 1964.
  • Have the highest credit score, averaging at about 709.
  • Generation X was born between the years of 1965 – 1984
  • Have the middling credit score, averaging at about 650.
  • Millennials were born between the years of 1985 – 1995
  • Have the lowest credit score, averaging at about 625.


One of the biggest financial pressures for Baby Boomers is retirement. As a result of this, many are starting to pay off their major debts and are shifting their spending habits. They also may be cutting down on the amount of credit they are using. If you find yourself in a situation where you need to catch-up on your retirement saving, click HERE.


Generation X is using the most credit compared to other generations. They usually have more credit cards and take more advantage of rewards programs. As a result, this is also the group that is carrying the most credit card debt. In addition to this, they are usually only paying off about 46% of their balance every month. To get back on track, consider creating a debt elimination plan and start tracking your spending as well as planning a budget.


At this point in their lives, many Millennials are just beginning the process of building credit. One major issue this generation faces is they wait too long to open credit accounts and or don't open any at all. It's recommended that you open at least one credit card and pay it off each month by the time you turn 21. This will help you down the line when it comes time to apply for a mortgage, applying for a job, or receiving a loan.

Topics: credit, Debt, millennials, Blog, baby boomers, gen x, Lifestyle

Author: Avery Mills