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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.
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