Newsroom
January 22, 2016
Report: Just 3% of millennials have mortgages
Avant Blog reports that just 3 percent of millennials have taken out mortgages, while 24 percent have student loans and 27 percent have credit card accounts.
The report, from the financial firm Avant, examines how an estimated 92 million millennials are allocating their money.
One of the differences highlighted between millennials and other generations is that 80 percent of millennials use mobile banking.
The blog says that, on average, millennials make $20,000 less than the average U.S. salary: $30,000 compared to $50,000.
The report also noted that millennials' average credit score is 625, compared to the U.S. average of 695. It attributed this difference to millennials' underemployment, lack of credit awareness, lack of investment, personal loans and spending combined with debt.
Avant Blog's recommendations for millennials included diversifying credit, reducing credit utilization below 30 percent of total credit available, checking credit card scores and paying bills on time.
Avant Blog's sources include FICO, CreditKarma.com, Forbes, CNBC and BankRate.com.
The report, from the financial firm Avant, examines how an estimated 92 million millennials are allocating their money.
One of the differences highlighted between millennials and other generations is that 80 percent of millennials use mobile banking.
The blog says that, on average, millennials make $20,000 less than the average U.S. salary: $30,000 compared to $50,000.
The report also noted that millennials' average credit score is 625, compared to the U.S. average of 695. It attributed this difference to millennials' underemployment, lack of credit awareness, lack of investment, personal loans and spending combined with debt.
Avant Blog's recommendations for millennials included diversifying credit, reducing credit utilization below 30 percent of total credit available, checking credit card scores and paying bills on time.
Avant Blog's sources include FICO, CreditKarma.com, Forbes, CNBC and BankRate.com.
Share This
Related Resources
Add to Calendar 2024-05-03 14:00:00 2024-05-03 14:00:00 Plan Sponsor Attitudes Toward Retirement Plan Management and Fiduciary Outsourcing About the Webinar In January 2024, Pentegra conducted a survey of retirement plan sponsors and their perspectives on retirement plan management and fiduciary outsourcing. The survey measured how sponsors are using fiduciary outsourcing to help better manage their retirement plans. It also captured their perspectives on what outsourcing does to help them better position their plans and drive improved retirement plan outcomes. Key Takeaways: What is the full scope of your responsibilities as a plan sponsor? What is fiduciary outsourcing and how does it work? How does fiduciary outsourcing help reduce workloads and minimize risk? How can a credit union best position its plan to drive improved outcomes? Register Here Web NAFCU digital@nafcu.org America/New_York public
Plan Sponsor Attitudes Toward Retirement Plan Management and Fiduciary Outsourcing
preferred partner
Pentegra
Webinar
Ensuring Safety and Soundness with AI
Management, Consumer Lending, FinTech
preferred partner
Upstart
Blog Post
Turning Lemons into Lemonade: Capitalizing in a Post-Banking Crisis Era
Strategy
preferred partner
Allied Solutions
Blog Post
Add to Calendar 2024-05-02 14:00:00 2024-05-02 14:00:00 Mastering Resilience in Incident Response Plans About the Webinar An Incident Response (IR) plan is crucial for guiding credit unions through major incidents efficiently and effectively. However, many IR plans lack resilience, making them less adaptable to the evolving threat landscape. Join us for our webinar Mastering Resilience in Incident Response Plans where DefenseStorm cyber experts Elizabeth Houser and James Bruhl will delve into the importance of resiliency within cybersecurity IR plans. Don’t miss out on the opportunity to learn how to: Ensure IR plan accessibility so that all team members with assigned roles are prepared for effective incident response. Conduct efficient and regular reviews to ensure roles and responsibilities are current, tools are relevant, and compliance requirements are met. Implement and utilize tabletops to regularly test the effectiveness of your IR plan. Enhance preparedness, efficiency, and confidence among responders. View On-Demand Web NAFCU digital@nafcu.org America/New_York public
Mastering Resilience in Incident Response Plans
preferred partner
DefenseStorm
Webinar
Get daily updates.
Subscribe to NAFCU today.