Gen Z has more debt than Millennials did at the same age
Katherine oversees editorial operations across all six brands. Before joining The Meridan Group, she spent 14 years at the Minneapolis Star Tribune, where she led the metro desk through its digital transformation. She holds a Master's in Journalism from Northwestern's Medill School.
More from Katherine →
(InvestigateTV) — Gen Z carries more debt than Millennials did at the same age, even after adjusting for inflation, according to TransUnion data cited by a credit counseling expert.Ted Rossman, with nonprofit credit counseling agency Money Management International, said the agency has seen a 35% increase in demand from Gen Z clients in the past year. Their debt loads are about 12% higher than they were a year ago.Student loans, high rents and buy now, pay later plans are adding up and leaving many young adults living paycheck to paycheck with little savings.“That’s really showcasing a lot of these early career pressures,” Rossman said. “You have student loans, you have high housing costs. Those household formation years are very expensive, so GenZer’s actually have more debt than Millennials did at the same age, even adjusted for inflation according to TransUnion.”For Gen Z, Rossman said the starting point is the basics: knowing your budget and watching buy now, pay later spending.“It’