The Pulse

Millennial & Gen Z Personal Finance Trends

Millennials and Gen Z consumers believe current economic environment is hurting their ability to be financially independent adults

New research from Experian shows economic trends and layoffs have America’s youngest consumers more focused on their financial health and looking for help. For more information on Experian’s millennial and Gen Z research, visit here.

COSTA MESA, Calif.–(BUSINESS WIRE)–Nearly 70% of Gen Z and millennial[1] consumers believe the current economic environment is hurting their ability to be financially independent adults and more than 1 in 4 don’t feel optimistic about their current financial situation, according to new research released today by Experian®. The recent economic news and layoffs, however, have spurred 75% of these consumers to focus on their financial health.

Experian’s survey of more than 2,000 millennial and Gen Z consumers across the United States revealed:

  • ‘better understanding personal finance’ is a goal for most consumers within both groups
  • nearly 4 in 5 (77%) are striving to be more financially literate
  • 75% stated they would feel more optimistic about their financial situation if they had a better understanding of personal finance
  • nearly 70% (69%) are actively searching for a trusted source for personal finance information

“We believe in financial power for all and ensuring America’s youngest consumers are empowered to be financially independent adults is key to achieving this,” said Christina Roman, consumer education advocate at Experian. “Personal finance and credit education are central to our mission. We are committed to being a trusted resource for consumers looking to improve their financial health during our current economic environment and beyond.”

Credit’s Role In Unlocking Life’s Big Moments

Having an established credit history is a key component of financial health, and most young consumers (82%) understand they’ll need a good credit score to make a life milestone purchase. A good credit score is also an important factor when considering a life partner for 65% of millennial and Gen Z consumers and nearly half (47%) said it’s a key consideration before having a, or another, child. Nearly 80% (79%) are actively trying to increase their credit score now rather than later, yet most millennials and Gen Z consumers (52%) don’t know how to start building credit.

Despite the current environment, 64% of the country’s youngest consumers feel confident that they will be OK financially.

“The good news is there are free educational resources and newer tools available today, including Experian Boost®[2] and Experian Go™ which can help consumers establish their credit histories and begin building, or improving, their FICO®[3] Score in minutes,” added Roman.

Experian’s Free Credit Education Resources And Tools

  • Get a free copy of your Experian credit report and FICO Score®[4] at or via Experian’s mobile app.
  • Experian’s mobile app also has access to free personal finance and credit building tools.
  • Add positive telecom, utility, video streaming service and qualifying rent payments to your Experian credit report for an opportunity to improve your credit scores by visiting
  • Young consumers without an established credit history can download Experian’s mobile app and enroll in a free Experian membership to establish, use and grow credit responsibly with Experian Go.
  • Join Experian’s #creditchat hosted by @Experian on Twitter with financial experts every Wednesday at 3 p.m. Eastern time.
  • Visit the Ask Experian blog for answers to common questions, advice and education about credit.
  • Learn how to build and protect your credit with Experian’s Credit Essentials for Everyone flipbook and find additional credit education resources at
  • Find additional money-saving resources from Experian by visiting




About Experian
Experian is the world’s leading global information services company. During life’s big moments – from buying a home or a car, to sending a child to college, to growing a business by connecting with new customers – we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organizations to prevent identity fraud and crime.
We have 21,700 people operating across 30 countries and every day we’re investing in new technologies, talented people, and innovation to help all our clients maximize every opportunity. With corporate headquarters in Dublin, Ireland, we are listed on the London Stock Exchange (EXPN) and are a constituent of the FTSE 100 Index.
Learn more at or visit our global content hub at our global news blog for the latest news and insights from the Group.
[1] For the purposes of this survey, respondents between the ages of 18 – 26 were classified as Gen Z and those between the ages of 27 – 42 were classified as millennials. Experian commissioned Atomik Research to conduct an online survey of 2,008 adults between the ages of 18-42 years old throughout the United States, with even distribution between Generation Z (N=1,005) and millennials (N=1,003) participants.
The margin of error is +/- 2 percentage points with a confidence level of 95 percent. Fieldwork took place between March 31, 2023, and April 4, 2023.
[2] Results will vary. Not all payments are boost-eligible. Some users may not receive an improved score or approval odds. Not all lenders use Experian credit files, and not all lenders use scores impacted by Experian Boost. Learn more here.
[3] FICO is a registered trademark of Fair Isaac Corporation
[4] Credit score calculated based on FICO Score 8 model. Your lender or insurer may use a different FICO® Score than FICO® Score 8, or another type of credit score altogether. Learn more here.