{"id":629063,"date":"2024-07-29T02:00:02","date_gmt":"2024-07-28T23:00:02","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/heres-the-average-debt-of-every-generation\/"},"modified":"2024-07-29T02:00:02","modified_gmt":"2024-07-28T23:00:02","slug":"heres-the-average-debt-of-every-generation","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/heres-the-average-debt-of-every-generation\/","title":{"rendered":"#Here&#8217;s the Average Debt of Every Generation"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a28049215dc1\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a28049215dc1\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/heres-the-average-debt-of-every-generation\/#Commitment_to_Our_Readers\" >Commitment to Our Readers<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/heres-the-average-debt-of-every-generation\/#Gen_Z\" >Gen Z\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/heres-the-average-debt-of-every-generation\/#Millennials\" >Millennials<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/heres-the-average-debt-of-every-generation\/#Make_your_money_work_for_you\" >Make your money work for you<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/heres-the-average-debt-of-every-generation\/#Thanks\" >Thanks!<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/buradabiliyorum.com\/en\/heres-the-average-debt-of-every-generation\/#Gen_X\" >Gen X<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/buradabiliyorum.com\/en\/heres-the-average-debt-of-every-generation\/#Baby_Boomers\" >Baby Boomers<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/buradabiliyorum.com\/en\/heres-the-average-debt-of-every-generation\/#Silent_Generation\" >Silent Generation\u00a0<\/a><\/li><\/ul><\/nav><\/div>\n<div id=\"\">\n                        <div class=\"article-thumbnail\">\n    <div class=\"article-thumbnail--thumbnail\">\n                    <img decoding=\"async\" src=\"https:\/\/cdn.gobankingrates.com\/wp-content\/uploads\/2023\/08\/young-woman-credit-card-debt-iStock-1438357939.jpg?webp=1&amp;w=675&amp;quality=75\" class=\"attachment-full size-full wp-post-image main-post-image\" alt=\"A woman sits on her bed while reviewing her debt and making a credit card payment.\" sizes=\"(max-width: 1920px) 100vw, 1920px\" fetchpriority=\"high\">                <p>\n                    silverkblack \/ Getty Images\/iStockphoto                <\/p>\n    <\/div>\n<\/div>\n\n<section id=\"commitment-to-our-readers\" class=\"wp-block-group\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n<h2 class=\"commitment-to-our-readers__title wp-block-heading\"><span class=\"ez-toc-section\" id=\"Commitment_to_Our_Readers\"><\/span>Commitment to Our Readers<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"wp-block-group commitment-to-our-readers__content\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-columns methology-box is-layout-flex wp-container-core-columns-is-layout-8f761849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\">\n<p class=\"Font--Poppins Font--Body-l wp-block-paragraph\"><meta charset=\"utf-8\">GOBankingRates&#8217; editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services &#8211; our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column methology-box__list is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.33%\">\n<div class=\"wp-block-columns methology-box__list-item is-layout-flex wp-container-core-columns-is-layout-8f761849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:48px\">\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/cdn.gobankingrates.com\/wp-content\/uploads\/2023\/11\/icon-20.svg\" alt=\"\" class=\"wp-image-1994546\"><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\">\n<p class=\"Font--Poppins Font--Body-l wp-block-paragraph\"><strong>20 Years<\/strong><br>Helping You Live Richer<\/p>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-columns methology-box__list-item is-layout-flex wp-container-core-columns-is-layout-8f761849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:48px\">\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/cdn.gobankingrates.com\/wp-content\/uploads\/2023\/11\/icon-experts-review.svg\" alt=\"\" class=\"wp-image-1989830\"><\/figure>\n<\/div>\n\n\n\n\n<\/div>\n\n\n\n<div class=\"wp-block-columns methology-box__list-item is-layout-flex wp-container-core-columns-is-layout-8f761849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:48px\">\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/cdn.gobankingrates.com\/wp-content\/uploads\/2023\/11\/icon__trusted.svg\" alt=\"\" class=\"wp-image-1994547\"><\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\">\n<p class=\"Font--Poppins Font--Body-l wp-block-paragraph\"><strong>Trusted by<\/strong> <br>Millions of Readers<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div><\/div>\n<\/div><\/section>\n<p>According to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.experian.com\/blogs\/ask-experian\/research\/consumer-debt-study\/\" data-type=\"URL\" data-id=\"https:\/\/www.experian.com\/blogs\/ask-experian\/research\/consumer-debt-study\/\">Experian data<\/a>, the total debt for American consumers reached $17.1 trillion in 2023, with credit card debt increasing 10% from 2022 to 2023. Americans struggle with the rising <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> cost of living and real estate as they navigate their finances. To make matters worse, higher interest rates are also causing financial strain.<\/p>\n\n\n<p>Here\u2019s an overview of each generation\u2019s average debt based on Experian data from the third quarter of 2023, along with expert takeaways.\u00a0<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Gen_Z\"><\/span>Gen Z\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul><li><strong>Total average debt: <\/strong>$29,820<\/li>\n<li><strong>Mortgage debt:<\/strong> $234,485<\/li>\n<li><strong>Automobile debt:<\/strong> $20,305<\/li>\n<li><strong>Credit card debt:<\/strong> $3,262<\/li>\n<li><strong>Personal loan debt: <\/strong>$8,710<\/li>\n<\/ul><p>\u201cWhen you look at the general trend of overall debt it makes sense that debt has increased coming off the high inflationary period over the last couple of years,\u201d said Gloria Garcia Cisneros, a certified financial planner (CFP) and wealth manager at <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/lourdmurray.com\/index.html\">LourdMurray<\/a>. <\/p>\n<p>\n        \n<iframe scrolling=\"no\" frameborder=\"0\" width=\"100%\" class=\"ndfp\" style=\"margin-bottom:-30px;\" data-src=\"https:\/\/products.gobankingrates.com\/pub\/70999a1e-3489-11ed-9a44-0a919b37cd73?targeting%5Bcategory%5D=net-worth&amp;targeting%5Bsubcategory%5D=debt&amp;targeting%5Bkeyword%5D=&amp;targeting%5Btags%5D=&amp;targeting%5Binternal_id%5D=1140428&amp;targeting%5Bcurrent_internal_id%5D=1279374&amp;targeting%5Bpagetype%5D=article&amp;targeting%5Bpage_layout%5D=user-first&amp;targeting%5Benv%5D=&amp;targeting%5Btheme%5D=gen-z-the-future-of-finances%2Crewrite-your-financial-future&amp;targeting%5Bzone%5D=01&amp;resize=1\"><\/iframe>\n    <\/p><p>\u201cHowever, you can see the trends disproportionally higher for the younger generations (Gen Z and millennials).\u201d<\/p>\n<p>Younger people struggle as they graduate college with debt and look for jobs that will pay them enough to live their desired lifestyle while managing higher prices. Younger consumers are also more likely to earn less money as they haven\u2019t reached their peak earning years yet.\u00a0<\/p>\n\n<h2><span class=\"ez-toc-section\" id=\"Millennials\"><\/span>Millennials<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul><li><strong>Total average debt: <\/strong>$125,047<\/li>\n<li><strong>Mortgage debt:<\/strong> $299,689<\/li>\n<li><strong>Automobile debt: <\/strong>$24,207<\/li>\n<li><strong>Credit card debt:<\/strong> $6,521<\/li>\n<li><strong>Personal loan debt:<\/strong> $16,669<\/li>\n<\/ul><p>\u201cOne key takeaway is that the total debt of the younger generations, particularly millennials and Gen Z, is increasing at a faster rate compared to previous generations,\u201d noted Michael Collins, a chartered financial analyst (CFA) and founder of <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/wincapfinancial.com\/\">WinCap Financial<\/a>. <\/p>\n<p>\n        \n<iframe scrolling=\"no\" frameborder=\"0\" width=\"100%\" class=\"ndfp\" style=\"margin-bottom:-30px;\" data-src=\"https:\/\/products.gobankingrates.com\/pub\/4fb9e55e-a55a-45e2-a1d3-232479e72c8a?targeting%5Bcategory%5D=net-worth&amp;targeting%5Bsubcategory%5D=debt&amp;targeting%5Bkeyword%5D=&amp;targeting%5Btags%5D=&amp;targeting%5Binternal_id%5D=1140428&amp;targeting%5Bcurrent_internal_id%5D=1279374&amp;targeting%5Bpagetype%5D=article&amp;targeting%5Bpage_layout%5D=user-first&amp;targeting%5Benv%5D=&amp;targeting%5Btheme%5D=gen-z-the-future-of-finances%2Crewrite-your-financial-future&amp;targeting%5Bzone%5D=02&amp;resize=1\"><\/iframe>\n    <\/p><p>\u201cThis is largely due to rising costs of education, housing and lifestyle expenses. The ongoing issue with high levels of student loan debt for millennials has also resulted in delayed home ownership and other major life milestones, potentially impacting their long-term financial security.\u201d<\/p>\n<p>Data released by the National Association of Realtors (NAR) last year confirmed that young people are delaying their first home purchase as multiple debts are preventing them from saving for a downpayment. The <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>n age for a first-time home buyer was 36, which is the oldest figure since NAR started collecting data.<\/p>\n<p>\u201cBuying a home was a lot more doable out of college in your 20s back in the day than now,\u201d said Cisneros. \u201cHowever, I don\u2019t think this will be the case as future generations age toward retirement because it has become more expensive to live, and many are pushing back the dates of buying a home.\u201d\u00a0<\/p>\n<div class=\"snippet-in-content snippet-in-content--gbr-text-ad-cau-2\">\n        \n<iframe scrolling=\"no\" frameborder=\"0\" width=\"100%\" class=\"ndfp\" style=\"margin-bottom:-15px;\" data-src=\"https:\/\/products.gobankingrates.com\/pub\/70999a1e-3489-11ed-9a44-0a919b37cd73?targeting%5Bcategory%5D=net-worth&amp;targeting%5Bsubcategory%5D=debt&amp;targeting%5Bkeyword%5D=&amp;targeting%5Btags%5D=&amp;targeting%5Binternal_id%5D=1140428&amp;targeting%5Bcurrent_internal_id%5D=1279374&amp;targeting%5Bpagetype%5D=article&amp;targeting%5Bpage_layout%5D=user-first&amp;targeting%5Benv%5D=&amp;targeting%5Btheme%5D=gen-z-the-future-of-finances%2Crewrite-your-financial-future&amp;targeting%5Bzone%5D=03&amp;resize=1\"><\/iframe>\n\n\n\n\n\n\n<div class=\"wp-block-group newsletter-module-optin--container\">\n<div class=\"wp-block-group newsletter-module-optin--wrapper\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-columns newsletter-module-optin has-background is-layout-flex wp-container-core-columns-is-layout-8f761849 wp-block-columns-is-layout-flex\" style=\"background-color:#fafafa\">\n<div class=\"wp-block-column is-vertically-aligned-center newsletter-module-optin--body is-layout-flow wp-block-column-is-layout-flow\">\n<h3 class=\"Font--Poppins Font--Headline-5-mobile Font--Headline-4 newsletter-module-optin--body-heading has-text-color wp-block-heading\" style=\"color:#0c653e\"><span class=\"ez-toc-section\" id=\"Make_your_money_work_for_you\"><\/span>Make your money work for you<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"Font--Poppins Font--Body-m newsletter-module-optin--body-intro has-text-color wp-block-paragraph\" style=\"color:#474747\">Get the latest <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> on investing, money, and more with our free newsletter.<\/p>\n\n\n\n\n\n\n\n<p class=\"Font--Poppins Font--Caption-m newsletter-module-optin--body-caption has-text-color wp-block-paragraph\" style=\"color:#474747\">By subscribing, you agree to our Terms of Use and Privacy Policy. Unsubscribe at any time.<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-vertically-aligned-center newsletter-module-optin--body-image is-layout-flow wp-block-column-is-layout-flow\">\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/cdn.gobankingrates.com\/wp-content\/uploads\/2024\/05\/image-phone-newsletter.png?webp=1\" alt=\"\" class=\"wp-image-2254219\"><\/figure><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-columns newsletter-module-optin--success has-background is-layout-flex wp-container-core-columns-is-layout-8f761849 wp-block-columns-is-layout-flex\" style=\"background-color:#fafafa\">\n<div class=\"wp-block-column newsletter-module-optin--success--body is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:100%\">\n<section class=\"wp-block-group newsletter-module-optin--success--body--msg\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\"><div class=\"wp-block-image\"><figure class=\"alignleft size-full\"><img decoding=\"async\" src=\"https:\/\/cdn.gobankingrates.com\/wp-content\/uploads\/2024\/05\/icon-envelope-success.svg?webp=1\" alt=\"\" class=\"wp-image-2254218\"><\/figure><\/div>\n\n\n\n<h2 class=\"has-text-align-left newsletter-module-optin--success-heading Font--Headline-2 Font--Poppins whitespace-nowrap has-text-color wp-block-heading\" style=\"color:#0c653e\"><span class=\"ez-toc-section\" id=\"Thanks\"><\/span>Thanks!<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"has-text-align-left Font--Poppins Font--Body-l newsletter-module-optin--body-caption has-text-color wp-block-paragraph\" style=\"color:#474747\">You&#8217;re now subscribed to our newsletter. Check your inbox for more details.<\/p>\n<\/div><\/section><\/div>\n\n\n\n<div class=\"wp-block-column newsletter-module-optin--body-image is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:100%\">\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/cdn.gobankingrates.com\/wp-content\/uploads\/2024\/05\/image-phone-newsletter.png?webp=1\" alt=\"\" class=\"wp-image-2254219\"><\/figure><\/div>\n<\/div>\n<\/div>\n<\/div><\/div>\n<\/div>\n<!-- \/wp:post-content -->\n\n<!-- wp:html -->\n<!-- \/wp:html --><\/div><p>Since a home is often the largest item on an American consumer\u2019s net worth statement, younger generations could carry more debt into their retirement.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Gen_X\"><\/span>Gen X<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul><li><strong>Total average debt:<\/strong> $157,556<\/li>\n<li><strong>Mortgage debt:<\/strong> $278,935<\/li>\n<li><strong>Automobile debt: <\/strong>$27,098<\/li>\n<li><strong>Credit card debt: <\/strong>$9,123<\/li>\n<li><strong>Personal loan debt:<\/strong> $22,259<\/li>\n<\/ul><p>\u201cEvery generation is influenced by the norms of society as they grew up and can\u2019t escape attitudes about credit and finance any more than they can escape their own popular music,\u201d explained Mike Sullivan, a personal finance consultant with <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.takechargeamerica.org\/\">Take Charge America<\/a>. <\/p>\n<p>\u201cSo, we should expect Gen Z consumers to owe less than millennials, and millennials to owe less than Gen X consumers. And we should expect most baby boomers and members of the silent generation to have achieved some financial stability with little debt.\u201d<\/p>\n<p>\n        \n<iframe scrolling=\"no\" frameborder=\"0\" width=\"100%\" class=\"ndfp\" style=\"margin-bottom:-30px;\" data-src=\"https:\/\/products.gobankingrates.com\/pub\/4fb9e55e-a55a-45e2-a1d3-232479e72c8a?targeting%5Bcategory%5D=net-worth&amp;targeting%5Bsubcategory%5D=debt&amp;targeting%5Bkeyword%5D=&amp;targeting%5Btags%5D=&amp;targeting%5Binternal_id%5D=1140428&amp;targeting%5Bcurrent_internal_id%5D=1279374&amp;targeting%5Bpagetype%5D=article&amp;targeting%5Bpage_layout%5D=user-first&amp;targeting%5Benv%5D=&amp;targeting%5Btheme%5D=gen-z-the-future-of-finances%2Crewrite-your-financial-future&amp;targeting%5Bzone%5D=04&amp;resize=1\"><\/iframe>\n    <\/p><p>Sullivan also mentioned that credit scores didn\u2019t exist until 1989 and that things completely changed for Gen X consumers who grew up with unsolicited credit card offers arriving in the mail. This generation is also known for helping their adult children financially, which could be holding them back.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Baby_Boomers\"><\/span>Baby Boomers<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul><li><strong>Total average debt:<\/strong> $94,880<\/li>\n<li><strong>Mortgage debt: <\/strong>$191,557<\/li>\n<li><strong>Automobile debt:<\/strong> $21,609<\/li>\n<li><strong>Credit card debt:<\/strong> $6,642<\/li>\n<li><strong>Personal loan debt:<\/strong> $22,551<\/li>\n<\/ul><p>Cisneros wasn\u2019t surprised by the lower rates of debt and amounts for baby boomers and silent generations, since \u201cthey\u2019re <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roaching or in retirement, so have likely saved up funds for the decades to come and are close to paying off mortgages and other debts.<\/p>\n<p>As the generations age, they can pay down debt and make better financial moves as they\u2019re also likely more established in their careers. Baby boomers grew up during a different time when housing was affordable, and they didn\u2019t have to wait as long as younger generations to enter the real estate market.<\/p>\n<p>\n        \n<iframe scrolling=\"no\" frameborder=\"0\" width=\"100%\" class=\"ndfp\" style=\"margin-bottom:-30px;\" data-src=\"https:\/\/products.gobankingrates.com\/pub\/70999a1e-3489-11ed-9a44-0a919b37cd73?targeting%5Bcategory%5D=net-worth&amp;targeting%5Bsubcategory%5D=debt&amp;targeting%5Bkeyword%5D=&amp;targeting%5Btags%5D=&amp;targeting%5Binternal_id%5D=1140428&amp;targeting%5Bcurrent_internal_id%5D=1279374&amp;targeting%5Bpagetype%5D=article&amp;targeting%5Bpage_layout%5D=user-first&amp;targeting%5Benv%5D=&amp;targeting%5Btheme%5D=gen-z-the-future-of-finances%2Crewrite-your-financial-future&amp;targeting%5Bzone%5D=05&amp;resize=1\"><\/iframe>\n    <\/p><h2><span class=\"ez-toc-section\" id=\"Silent_Generation\"><\/span>Silent Generation\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul><li><strong>Total average debt:<\/strong> $38,600<\/li>\n<li><strong>Mortgage debt: <\/strong>$142,644<\/li>\n<li><strong>Automobile debt: <\/strong>$16,054<\/li>\n<li><strong>Credit card debt: <\/strong>$3,412<\/li>\n<li><strong>Personal loan debt:<\/strong> $14,547<\/li>\n<\/ul><p>\u201cIt\u2019s clear that different factors such as economic conditions, societal trends and individual decisions all play a role in shaping the debt landscape for each generation,\u201d remarked Collins. \u201cIt\u2019s crucial for individuals to understand their financial situation and make informed decisions about managing their debt to achieve financial stability.\u201d<\/p>\n<p>It shouldn\u2019t be suprising that this generation has the least debt since they\u2019ve had more time to get their finances in order and experienced a very different economic climate.\u00a0<\/p>\n<p>Sullivan added, \u201cYounger consumers are at a great disadvantage in every way. But they have youth and time, and many older consumers would gladly trade with them. Instead, older consumers will transfer wealth to younger generations and help them achieve stability.\u201d<\/p>\n<p>\n        \n<iframe scrolling=\"no\" frameborder=\"0\" width=\"100%\" class=\"ndfp\" style=\"margin-bottom:-30px;\" data-src=\"https:\/\/products.gobankingrates.com\/pub\/4fb9e55e-a55a-45e2-a1d3-232479e72c8a?targeting%5Bcategory%5D=net-worth&amp;targeting%5Bsubcategory%5D=debt&amp;targeting%5Bkeyword%5D=&amp;targeting%5Btags%5D=&amp;targeting%5Binternal_id%5D=1140428&amp;targeting%5Bcurrent_internal_id%5D=1279374&amp;targeting%5Bpagetype%5D=article&amp;targeting%5Bpage_layout%5D=user-first&amp;targeting%5Benv%5D=&amp;targeting%5Btheme%5D=gen-z-the-future-of-finances%2Crewrite-your-financial-future&amp;targeting%5Bzone%5D=06&amp;resize=1\"><\/iframe>\n    <\/p><p>He continued, \u201cGen Xers will pay off their debts with their inheritances from their parents. Millennials may be more challenged to manage their own affairs, and it will take 20 more years to see what Gen Z may do.\u201d<\/p>\n<!-- wp:paragraph -->\n<p><strong>More From GOBankingRates<\/strong><\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:list {\"className\":\"morefromgbr\"} -->\n<!-- \/wp:list --><!-- wp:paragraph -->\n<!-- \/wp:paragraph --><iframe resizable=\"\" scrolling=\"no\" frameborder=\"0\" width=\"100%\" class=\"ndfp gbr-below-article-native\" data-src=\"https:\/\/products.gobankingrates.com\/pub\/cd2c90d2-ba06-11ed-8078-0a919b37cd73?targeting%5Bcategory%5D=net-worth&amp;targeting%5Bsubcategory%5D=debt&amp;targeting%5Bkeyword%5D=&amp;targeting%5Btags%5D=&amp;targeting%5Binternal_id%5D=1140428&amp;targeting%5Bcurrent_internal_id%5D=1279374&amp;targeting%5Bpagetype%5D=article&amp;targeting%5Bpage_layout%5D=user-first&amp;targeting%5Benv%5D=&amp;targeting%5Btheme%5D=gen-z-the-future-of-finances%2Crewrite-your-financial-future&amp;resize=1\"><\/iframe>\n<!-- \/wp:html -->\n\n<!-- wp:paragraph -->\n\n<!-- \/wp:paragraph -->                    <\/div>\r\n<blockquote><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. 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