A recent Experian study has found that the generation gap applies to finances and debt as well.
According to the study, baby boomers are strong and steady in their pursuit of the American dream, while Gen Y has focused on building credit with their student loan and auto loan payments. Generation X not only has the highest amount of debt but the second to lowest credit scores, and the Greatest Generation has reduced their overall debt and has the highest credit scores of all of the generations.
Findings from the study showcased the types of debts Americans have, the amounts they owe and the differences between the generations. The four groups studied are the Greatest Generation (age 66-plus), baby boomers (age 47 to 65), Generation X (age 30 to 46) and Generation Y (age 19 to 29).
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