Generation Z is growing up. Those born in 1995 or after are taking out more credit and increasingly eyeing homeownership. About 14 million of Gen Z consumers who are 18 or older are taking out credit, and that includes those who are taking on mortgages, according to the latest Q2 2019 Industry Insights Report from TransUnion.
“Both the newest and oldest members of the credit-eligible Gen Z generation are beginning to enter the credit market for the very first time,” says Matt Komos, vice president of research and consulting at TransUnion. “The rapid growth in Gen Z credit activity is occurring despite many of these individuals having grown up during the Great Recession. Though the recession itself landed less than two years, its impact was felt for several years afterward. As we see more members of this group come of age, we naturally expect continued growth in credit activity by Gen Z.”