On the other hand, some Gen Z are taking out loans just to pay their bills. Gen Z struggling to find career stability and stable wage growth compounded with rising costs is pushing them into debt just to stay afloat. According to a new report by LendingTree, the share of personal loan requests for everyday use has doubled since 2023, now making up 8.2% of their requests. For borrowers between 18-29-years-old, 10.5% of loan requests were for everyday bills, compared to just 5.6% for Baby Boomers. YPulse data shows that paying upfront isn’t always realistic for young people, so 37% of 18-24-year-olds have used a “buy now, pay later” or payment installment service. And while few may have resorted to personal loans, we do know more than half of young adults view BNPL debt as better than credit card debt. (Newsweek)
👀 Read more from YPulse: Gen Z’s Buy Now, Pay Later Habits in 3 Stats
