Gen Z is paying the price: Around 47% plan to use buy now, pay later services for their holiday shopping, and about 65% like using credit card installment plans — higher than any other generation. But many Gen Zers are spending on things like meals at fancy restaurants, designer goods and first-class plane tickets. This isn’t going to end well.
$2,834
Average credit card balance for 22- to 24-year-olds. That’s 26% higher than a decade ago. Why? Gen Z has embraced the buy now, pay later options at checkout. Talk to your Gen Zers, and remind them, “If you can’t pay for it now, you won’t be able to pay for it later.”