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Research and Statistics

Millennials most likely to monitor credit scores, plan to improve them

Summary

The younger generation is more active in keeping tabs on this important financial barometer

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Millennials are keeping a closer eye on credit scores than older generations, and they aren’t stopping there: A majority of them also have an action plan for boosting their scores.

That’s according to a new survey by Chase, which found that almost 4 in 10 millennials age 21-36 review their credit score at least once a month. That’s compared to 31 percent for Generation X and 28 percent for baby boomers.

But keeping tabs on their credit score is only the first step for many of them. Indeed, 62 percent of the millennial respondents said they have a plan of action for improving their score, perhaps driven by the fact that a third of millennials reported they would buy a home within the next four to five years.

In contrast, only half of Generation X respondents and less than a third of baby boomers reported having a score improvement plan.

The Chase Slate 2017 Credit Outlook Survey consisted of an online survey of a nationally representative sample of 1,000 adults age 18 and older and two interview components that provided additional depth on millennial perspectives. The various data were collected from March to May 2017, with initial findings released July 13.

Infographic: Millennials active credit score managers

See related:  Give up social media for a good credit score? Millennials would, What millennials can teach us about credit, Millennials strongly prefer cards7 smart money and credit habits from millennials, More infographics

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