Credit One Bank Survey Identifies Generational Differences Regarding Finances
LAS VEGAS, Jan. 14, 2025 -- Credit One Bank, a leader in the credit card industry, published findings from a comprehensive survey exploring attitudes and behaviors toward personal finance across generations.
The study, which analyzed responses from 1,000 participants ranging from Generation Z (Gen-Z) to Baby Boomers, found that while Gen-Z is far more open to speaking transparently about their financial situation, they do not make meaningful efforts to improve it – primarily, due to lack of available resources and foundational knowledge regarding personal finance.
Other key findings and data points include:
- Gen-X and Millennials were more likely to perceive debt as normal, 50% and 48% respectively in comparison to 39% in Gen-Z and 35% in Baby Boomer respondents.
- 35% of Generation X (Gen-X) members and 33% of Millennials are far more likely to feel financially worse off than their parents. In comparison, only 19% of Baby Boomers and 17% of Gen-Z felt financially worse off than their parents.
- All generations point to the high cost of living in the U.S. as their number one barrier to financial stability.
- 33% of Gen-Zers surveyed openly discuss money with their families, compared to 6% of Baby Boomers surveyed.
- More than 50% of Gen-Z – and a substantial portion of all other generations – enter adulthood without any formal financial education.
The survey found that a majority of each generation became responsible for their own finances between the ages of 18 to 24, which means teachers, parents and guardians play a crucial role in shaping the financial education of the generation beneath them. Older generations like Baby Boomers were more likely to be self-taught in comparison to Gen-Z and Millennials who relied more on parents or guardians.
"This survey reveals a clear link between rising anxieties about personal finance and the lack of basic financial education across generations," said Steve Min, Chief Credit Officer at Credit One Bank. "This data helps us better understand the general consumer audience and how we can better support the need for expanded financial education. At Credit One Bank, we provide accessible resources like Credit One Central, our free online hub for financial education and empowerment, to help transform this heightened transparency into greater financial literacy."
Credit One Bank surveyed 1,000 general consumers with at least one credit card ranging in age from 18 to over 80 years old. They were invited to participate in the survey in October 2024. The majority (60%) of respondents were women, 40% were men. The largest population of respondents' household income was $50,000-$99,999. The second largest income ranged from $25,000-$49,999. The full study can be found on Credit One Bank's website: https://www.creditonebank.com/articles/trends-and-factors-affecting-generational-financial-trauma
About Credit One Bank:
Credit One Bank is a financial services company and one of the fastest-growing credit card issuers in the U.S. Founded in 1984 and headquartered in Las Vegas, Credit One Bank offers a full spectrum of credit card products including cash back and points-based cards as well as high-yield certificate of deposit and savings accounts. Credit One Bank is also an official partner of the Las Vegas Raiders and the Official Credit Card of NASCAR, the Vegas Golden Knights, and Best Friends Animal Society. Learn more at CreditOneBank.com, in our Newsroom or on social media (@CreditOneBank) on Facebook, Instagram, X, YouTube, and LinkedIn.
Credit One Bank Contact Information
Scott Matulis
Public Relations Director
Scott.matulis@creditone.com
O: 702.957.5327
M: 818.451.8918
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