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Reading: When it comes to credit education than Gen Z falls back behind other generations, FICO survey.
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Distinct Post > Business > Market > When it comes to credit education than Gen Z falls back behind other generations, FICO survey.
FICO-credit-score
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When it comes to credit education than Gen Z falls back behind other generations, FICO survey.

Affan Sheikh Published February 1, 2023
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FICO is a credit calculating method which is stands for Fair Isaac Corporation. It is mainly used by companies who offer you a loan or a credit card, they used it to know how much you take time to pay back a loan. While the FICO Score is calculated using different pieces of credit data in your credit report.

Contents
FICO Survey ReportWhy most Gen Z are uneducated about credit score

The highest average score calculated by FICO is 716. Most of the consumers have good credit scores while half of the consumers possess a FICO credit score over 700. The main reason for the increment in credit scores is access to educational resources.

FICO Survey Report

As FICO survey find out that there is a little bit but yet an educational between the two generations. In a new FICO survey,

When it comes to credit education than Gen Z falls back behind other generations. While 29% of Gen Z consumers said they don’t know if they have credit scores or don’t know if they have one, compared to 8% of baby boomers who said the same.”

Credit Scores Uncovered: Consumer Relationships with their Scores.

According to Survey, 90% of Americans have at least know-how of credit score, but this number can’t divide among all generations. In the comparison of 66% of baby boomers, just 44% of Gen Z completely understand about credit scores.

Why most Gen Z are uneducated about credit score

Most Gen Z consumers have had less time to learn about credit scores as they recently turned 18. While among other generations Gen Z has the lowest average credit score which is 679. A positive and wise payment history can take years, which most Gen Z consumers haven’t had.

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Affan Sheikh June 28, 2023 February 1, 2023
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