Credit Card Debt by Generation:
- Generation Z (18 - 27 years): $3,456
- Millennials (28 – 43 years): $6,932
- Generation X (44 – 59 years): $9,557
- Baby Boomers (60 – 78 years): $6,754
- Silent Generation (79+ years): $3,428
While credit cards are common among people of all ages, debt levels vary across generations. Generation X (ages 44-59) has the most credit card debt, with an average balance of $9,557, followed by millenials (ages 28-43) and baby boomers (ages 60-78), according to Experian's 2024 consumer debt study.
Generation Z, the youngest group, owed an average of $3,456 to credit card companies, while the Silent Generation, the oldest group, had the highest debt at $3,428. These numbers give us a glimpse into how people's financial responsibilities change as they get older.
Below are the statistics showcasing how different age groups handle their debts, offering a glimpse into how financial habits change over time.
Average Credit Card Debt by Generation
Members of Generation X owe 177% more than their counterparts from Generation Z on average, as of 2024.
| Generation (age in 2024) | 2021 | 2022 | 2023 | 2024 | Change (2024 vs 2023) |
|---|---|---|---|---|---|
| Generation Z (18 - 27) | $2,282 | $2,854 | $3,262 | $3,456 | 5.95% |
| Millennials (28 - 43) | $4,576 | $5,649 | $6,521 | $6,932 | 6.30% |
| Generation X (44 - 59) | $7,070 | $8,134 | $9,123 | $9,557 | 4.76% |
| Baby boomers (60 - 68) | $5,804 | $6,245 | $6,642 | $6,754 | 1.69% |
| Silent Generation (79+) | $3,177 | $3,316 | $3,412 | $3,428 | 0.47% |
Key Observations:
- Despite the average Gen Zer's credit card debt rising by 51% from 2021 to 2024, they still owe less than other generations, except for the Silent Generation.
- Gen X's average credit card debt is approximately three times higher than that of the Silent Generation.
- Gen Xers have 38% more credit card debt than Millennials, on average.
WalletHub Surveys
Generational Finances Survey
We conducted a nationally-representative survey of Americans, asking several questions about people’s debts and budget to get a sense of how attitudes and actions differ across the age groups. Generation X in particular see debt as a major hurdle, with the highest percentage (22.33%) among all generations saying it's holding them back financially. Additionally, the majority of respondents across generations reported having a budget to manage their monthly expenses, with Baby boomers having the highest percentage (81.55%) and Generation X having the lowest percentage (67.34%).
Is debt holding you back the most financially?
How would you rate your ability to handle debt?
Do you maintain a monthly budget?
Check out the full survey results.
Financial Secrets Survey
The 2023 WalletHub Financial Secrets survey shows that 33% of people lie about their debt, and this trend was seen across all generations. Baby boomers are the most likely to lie about their debt, doing so almost three times more than members of Generation X.
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