Today, Fintechs have a significant opportunity to educate and empower millennials with impactful credit education services. We know millennials are technologically savvy, but studies suggest that they need help building financial wellness. According to new Experian data released in Q1, the U.S. millennial population carried nearly $4,700 in credit card debt¹.
The study¹ also showed:
- Millennials have increased their average credit card debt by 7% in the past year.
- The average student loan balance among millennials was $34,504 in the first quarter (Q1) of 2019, an 8% increase from Q1 of 2018.
- The average credit score for those in Generation Y, commonly known as millennials, is only 638. That’s less than the overall U.S. average of 675 and a long way from the so-called Silent Generation’s stellar 729.
Help is Here
In addition to showing where millennials stand with credit, the Experian study also revealed millennials are looking to tackle and turnaround their financial situation. The answer: innovative tools they can easily use.
Give Your Consumers Experian BoostTM
Experian BoostTM empowers consumers to improve their credit scores instantly for free by allowing them to include payment history for common monthly bills like utility and telecom accounts on their credit file ². Experian BoostTM can also help attract millennials, allowing them to build their credit and increase the likelihood of being approved for better financial offers.
After trying Experian BoostTM, a majority of millennials surveyed in the 2019 Experian BoostTM Customer Survey had a positive experience:
- 53% said they “felt more motivated” to learn about their credit score
- 59% said they believed knowing more about credit management would be beneficial
- 59% wanted to learn about credit through features like Experian Boost™
Experian BoostTM and Beyond
In order for Fintechs and other financial institutions to build a relationship and convert millennials into empowered consumers, they must provide access to information that offers actionable, real-time results. As the only tool of its kind available, Experian BoostTM can help put them on the path toward financial wellness.
Ask About Our Credit Education Products
Experian offers a full suite of Credit Education and Identity Protection products, giving Fintechs the ability to offer a comprehensive set of educational tools that help their customers manage credit wisely.
- Experian-created statistically relevant aggregate sampling of our consumer credit database that may include use of the FICO®Score 8 version. Different sampling parameters may generate different findings compared with other similar analysis. Analyzed credit data did not contain personal identification information. MSA is the acronym for metropolitan statistical area, which groups counties and cities into specific geographic areas for population censuses and compilations of related statistical data.
- Results may vary. Some may not see improved scores or approval odds. Not all lenders use Experian credit files, and not all lenders use scores impacted by Experian Boost.