Budgeting & Saving

Millennials on Credit and Finance: Survey Results

Millennials are an increasingly important segment of our population, and with current models suggesting they're about to overtake the baby boomer generation in sheer population volume, they're an equally significant part of our saving and spending culture, too.

How do they feel about their finances and perceptions of credit? The results are in.

Experian Millennial Credit & Finance Survey Report Part II from Experian_US

Key findings from the recent survey include:

  • Half of millennials (50 percent) have no idea whether their current credit score is good or bad
  • 76 percent of millennials consider themselves knowledgeable about credit and debt management, but almost half (42 percent) only pay the minimum amount each month on their accounts
  • 64 percent consider credit cards to be dangerous, but 2 in 3 have at least one credit card

It's not entirely surprising that millennials feel like they're in the know when their actual knowledge level is sometimes a bit out of step. See more from the complete findings and get the full scoop on what they truly think about debt, their financial health, and credit.

Editorial Disclaimer: Opinions expressed here are author's alone, not those of any bank, credit card issuer or other company, and have not been reviewed, approved or otherwise endorsed by any of these entities. All information, including rates and fees, are accurate as of the date of publication.

This article was originally published on February 26, 2016, and has been updated.

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