Survey finds millennials delaying major life events as a result of the recession
New research commissioned by VantageScore Solutions finds Millennials, the generation of consumers between 18 and 34 years old, remain cautious about key life events years after the Great Recession.
The findings come from a survey of more than 1,000 consumers, who constituted a representative sampling of the U.S. population. Millennials constituted 20 percent of survey respondents, and nearly half of them said they have delayed purchasing a home, are living with family to save money, or have delayed starting families of their own.
The survey, conducted for VantageScore by FTI Consulting Inc., polled a representative sampling of more than 1,000 U.S. consumers about their credit usage, attitudes toward credit and debt, and where they seek information about credit-related issues.
While there were clear differences on these life events among respondents across all age groups, reluctance to take on new debt was consistent among a majority of all survey participants. More than 60 percent of survey participants said that they are less likely to take on debt, and nearly 50 percent reported they were just keeping up with their debts or falling behind.
Other key findings from the survey include:
- One-third of consumers seek information about their credit score online.
- 20 percent said they have no debt whatsoever.
- 30 percent said they carry over credit card debt from one month to the next.
“This survey demonstrates that consumers’ financial lives remain somewhat challenged and that Millennials, in particular, appear apprehensive about things like purchasing homes and starting families,” said VantageScore CEO Barrett Burns. “The good news is that there are many resources available to help educate consumers, and we know that the Internet tends to be where consumers turn to the most for answers.”
VantageScore Solutions provides a wealth of information for consumers in need to information about credit scoring. The VantageScore consumer website, YourVantageScore.com, offers a host of information on consumer-credit issues. Additional resources include:
- VantageScore.com/myths dispels widespread misconceptions about credit and credit scores.
- ReasonCode.org explains the credit-score notifications consumers may receive from lenders,
and provides guidance on using them to improve credit scores.
- CreditScoreQuiz.org, which provides an interactive tutorial on credit scores, how they affect access to credit, and how consumers can improve their scores.
About the survey
In June 2014, FTI Consulting conducted a survey of 1,003 American adults aged 18 or older on behalf of VantageScore Solutions. The field period for the study was June 24 – June 30, and 1,003 interviews with adults were collected via the Internet. The online study was designed to be representative of the overall U.S. population and was balanced to reflect the U.S. census on age, gender, income, ethnicity and region.