UNLIKE MILLENNIALS, GEN Z FEARLESSLY RACKS UP DEBT

What are the figures?

About 41% of eligible Gen Zers (people born in the mid-1990s or later) had a credit card last year, compared with 34% of millennials who reached their mid-20s in 2012, according to TransUnion.

The average 24-year-old last year owed about $2,000 on his or her card, about a third more than millennials at that age in 2012.

What do they show?

The evidence is growing that lenders need not worry about young people who are loath to borrow. Banks hope to sustain record profits amid a borrowing binge by U.S. households.

“Our belief is that the desire for credit among this generation is significant across the board,” said Jason Laky, head of financial services at TransUnion. “And improving economic conditions will likely serve as a springboard for more credit.”

What stands out?

More consumers ages 18-24 have a credit score considered prime or above. Though 50% of Gen Zers have a score of at least 661, only 39% of millennials did when they were in that age range, TransUnion found. Many millennials were entering the workforce with hefty student loans as the crisis struck.

Do pitfalls lie ahead?

Gen Z’s openness to debt could impact its wealth accumulation, leaving many worse off than previous generations. Millennials know this well. Last year, they had 2.9% of the nation’s household wealth, Federal Reserve data shows. Some 16 years earlier, similarly aged Americans — those roughly between the ages of 23 and 38 — had nearly double that share.

TNS The average 24-year-old last year owed about $2,000 on his or her card.