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Credit Scores and Reports

Millennials value credit scores over social media followers, study shows

An Experian survey also reveals 8 in 10 young adults ages 23-38 have checked their scores within the past three months

Summary

While Instagram followers, Facebook friends and Uber ratings all command attention among American millennials, a majority are placing a higher priority on boosting their credit score, according to a new survey by Experian.

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While Instagram followers, Facebook friends and Uber ratings all command attention among American millennials, a majority are placing a higher priority on boosting their credit score.

Credit bureau Experian surveyed U.S. adults ages 23-38 and asked which scores and ratings they consider most important to increase. Ahead of the five major social media channels, as well as ratings from car-sharing services, almost 6 in 10 millennials identified credit scores as the most important rating to increase (59 percent).

Growing their Instagram followers came in a distant second, at 48 percent, followed by Twitter followers at 41 percent and YouTube subscribers at 40 percent.

See related:  Viewing your FICO score could help you improve it

Credit scores appear to be firmly on the millennial radar, with 82 percent of respondents reporting they’ve checked their credit score within the last three months, and more than half saying they feel excited when their score is high (56 percent). As a result, 53 percent said they’re proactively working on their score.

But credit ratings cause anxiety was well, with 59 percent of millennials saying they worry about their score, and 52 percent indicating they’d be disappointed if their score decreased.

Experian’s survey was conducted online in the second half of August 2019 among 2,000 U.S. adults age 23-38. Results were weighted to match U.S. Census demographics and released Oct. 10.

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