It appears that a larger proportion of millennials have understood that credit cards aren’t the most reliable financial resource. As per a recent study by CreditCards.com, around 36% of millennials – individuals between the ages of 18 and 29 – have never owned a credit card. This is in sharp contrast to the 13% of Gen X (ages 30-49) and Baby Boomers (ages 50-64) who also eschew credit cards.
“It’s a distinctive trend among millennials, who oddly prefer debit to credit,” notes Ben Woolsey, the president of CreditCardForums.com, a platform for credit-card advice. “I’m uncertain whether it’s due to fear or simple indifference. I’m aware of several millennials who didn’t concern themselves with obtaining a driver’s license, learning to drive, or expressing any interest in owning a car until they headed off to college.”
Read more about why millennials tend to shy away from credit cards on Market Watch.
Photo credit: _Dinkel_ via SmartAsset.com.
