Will Young Consumers be the Most Credit Savvy Generation?

According to a new consumer survey conducted by Alliance Data, both Generation Z and Millennials are 10 times more likely to be interested in learning about credit than any other generation. While in part this can be attributed to younger consumers just starting financial journeys, Valerie Greer, executive vice president and chief commercial officer at Alliance Data, said it also shows the group’s determination to be financially responsible. Currently, Alliance Data’s findings showed that 27 percent of Gen Z’s and Millennial’s overall credit knowledge is “good but not great.” Nearly 30 percent of Gen Z told the company they felt they didn’t have a good understanding of credit at all and 10 percent said they would describe themselves as being “clueless” when it comes to credit. “Gen Z and younger Millennials are just starting out and do not have access to the variety of payment types available to other generations, but they are becoming more and more savvy and eager to understand and educate themselves regarding other forms of payments and how they can begin thinking about securing their financial future,” Greer told WWD. Both Gen Z and Millennials reported they were interested in learning more about traditional and alternative payment options. And one

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