Insight. Innovation. Industry.
Economics /  •

Generational trends in credit card use

TransUnion Canada released its Q4 2018 report into credit card use this past February. Key findings include:

  • Millennials, who are set to surpass Baby Boomers in the credit market, now comprise more than 26 percent of credit consumers in Canada. The millennial cohort grew at a rate of 2.8 percent while Baby Boomers declined 1.3 percent.
  • Millennials — those born between 1981-1996 — had the highest consumer delinquency rate at the end of 2018, compared to other generations, at 7.3 percent.
  • Generation X consumers had the highest average non-mortgage balances in Q4 2018 with an average of $43,600, growing 6.5 percent from the previous year.
  • Generation Z — those born between 1995 and 2015 — is experiencing rapid credit growth. Although Gen Z only represents 7.7 percent of the Canadian credit population, they are growing at 29 percent annually.◊