Approximately a third of Gen Z adults — those aged 18 to 24 — don’t have any kind of debt, with three-fourths having less than $10,000 in debt, including student loans, a new survey finds.
A new GOBankingRates survey shows that 34% of Gen Z respondents don’t have any kind of debt. If they do, 13.6% say they have less than $1,000 in debt; 16.1% have between $1,000 and $4,999 in debt; 10.3%, between $5,000 and $9,999; 10.2%, between $10,000 and $24,999; 6.5%, between $25,000 and $49,999; 5.5%, between $50,000 and $74,999; and only 3.5% have more than $75,000 in debt, according to the survey.
To put these findings in perspective, an earlier GOBankingRates survey found that Gen X — people born between 1965 and 1980 — was the generation both leading for the largest amount of debt and the largest percentage of the generation carrying debt. Indeed, the survey showed that 86% of Gen X respondents had some debt. In addition, Gen X also had the most respondents saying they were $60,000 or more in debt, at 19.3%, and more than 56% had $10,000 or more in debt.
Brad Cummings, principal agent at Insurance Geek, said these Gen Z findings reflect the fact that this generation has been in a unique financial position due to the ongoing pandemic.
“Many are traumatized by witnessing the effect of financial crashes on their parents and grandparents. These…