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Millennials have very different spending habits than their parents

Millennials have very different spending habits than their parents

  • “Millennials are using less credit than their parents did when they were younger, according to TransUnion.
  • But two categories are different: personal and auto loans.
  • Millennials’ needs are not vastly different from those of the generation before them at their age, but modern technology offers a huge opportunity to lenders.

Millennials are using credit quite differently than the generation directly ahead of them did at their age.

A new TransUnion study shows that those ages 21 to 34 are opening more new auto and personal loans than Generation X (people born from 1965 to 1979) did years ago.

For the study, TransUnion compared the borrowing habits of Gen Xers in 2001 — when they would have been the age of today’s millennials — and millennials in 2015.

It found that the gap wasn’t caused by differences between the desires of millennials and those of their parents. It’s more because of the kind of products available and, if anything, it helps to dispel some myths about millennials.”


Posted on: September 16, 2017, 6:46 am Category: Uncategorized

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