Gen Z Credit Card Opening Rate Hits 25% Amid Financial Pressure

Gen Z adults aged 18-29 have opened credit card accounts at a rate exceeding 25%, the highest for any age group, according to FICO. The pressure to manage bills has driven 48% of this demographic to rely on credit cards, significantly higher than Gen X (25%) and baby boomers (7%). Their average credit score stands at 678, below the national average of 714, marking a three-point decline from the previous year. Additionally, more than 6 in 10 older Gen Z respondents have reduced retirement savings as financial demands increase, highlighting the challenges they face.