Millennials Are Very Financially Trustworthy

The St. Louis Fed recently republished a note from last November about credit card delinquency. First, they note that millennials have the highest rate of delinquency. But then they make the obvious point that this is because millennials are younger than other generations, and young people always have higher delinquency rates than middle-aged folks. So what happens when you look at different generations when they were the same age?

This is interesting. First, it shows that millennials actually have the least credit card delinquency among recent generations. The authors even suggest that “their relative financial trustworthiness will persist throughout the remainder of their lives.”

But what about that uptick at the end? Starting around age 33, the credit card delinquency of millennials suddenly flattens and then starts to rise. That’s never happened with any other generation, or with younger millennials. What’s up with that? It’s quite prominent and doesn’t look like an artifact, but I can’t even think of a snarky guess about what might be causing this, let alone a serious guess.

FACT:

Mother Jones was founded as a nonprofit in 1976 because we knew corporations and the wealthy wouldn't fund the type of hard-hitting journalism we set out to do.

Today, reader support makes up about two-thirds of our budget, allows us to dig deep on stories that matter, and lets us keep our reporting free for everyone. If you value what you get from Mother Jones, please join us with a tax-deductible donation today so we can keep on doing the type of journalism 2020 demands.

payment methods

FACT:

Mother Jones was founded as a nonprofit in 1976 because we knew corporations and the wealthy wouldn't fund the type of hard-hitting journalism we set out to do.

Today, reader support makes up about two-thirds of our budget, allows us to dig deep on stories that matter, and lets us keep our reporting free for everyone. If you value what you get from Mother Jones, please join us with a tax-deductible donation today so we can keep on doing the type of journalism 2020 demands.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate