Gen Z and Millennials are pivotal players in the rental market, making up about 23% and 35% of renters respectively. However, a new survey, conducted by The Harris Poll,¹ uncovers a concerning trend: a gap in credit score awareness among these younger generations. This lack of knowledge isn’t just a minor oversight; it’s a barrier to achieving their financial goals. According to the survey, more than half (54%) of Gen Z and Millennial renters who reported a rental application being denied in the past attribute the rejection to a low credit score
Outline:
• Introduction: Define credit and credit score, state the main argument (credit is an essential part of financial well-being for Gen Z’s and Millennials), and provide an overview of the main points (benefits, challenges, and tips).
• Body paragraph 1: Discuss the benefits of having good credit for Gen Z’s and Millennials, such as access to loans, lower interest rates, better deals, and more opportunities.
• Body paragraph 2: Discuss the challenges of building and maintaining good credit for Gen Z’s and Millennials, such as lack of awareness, credit invisibility, debt, and fraud.
• Body paragraph 3: Discuss the tips for improving and protecting credit for Gen Z’s and Millennials, such as getting a credit card, reporting rent and utility payments, paying bills on time, keeping balances low, monitoring credit reports, and using credit tools.
• Conclusion: Summarize the main points, restate the main argument, and provide a call to action or a recommendation.
Introduction:
Credit is the ability to borrow money or access goods or services with the understanding that you’ll pay later. Credit score is a number that represents your creditworthiness, or how likely you are to repay your debts. Credit score is calculated based on your credit history, which is a record of your past and current credit activities, such as payments, balances, and inquiries. Credit is an essential part of financial well-being for Gen Z’s and Millennials, the two youngest generations in the world today. Gen Z refers to those born between 1997 and 2012, while Millennials refer to those born between 1981 and 1996.
According to my web search results, credit plays an important role in the lives of Gen Z’s and Millennials, both now and in the future. Having good credit can help them achieve their financial goals, such as buying a home, starting a business, or traveling the world. However, building and maintaining good credit can also be challenging, especially for young consumers who may lack credit awareness, experience, or education. Therefore, it is important for Gen Z’s and Millennials to learn about credit and how to use it wisely and responsibly.
In this essay, I will explore what Gen Z’s and Millennials need to know about credit, by examining the benefits, challenges, and tips of credit. I will argue that credit is a valuable and powerful tool that can enhance the financial well-being of Gen Z’s and Millennials, as long as they use it smartly and safely. By understanding and managing credit, they can improve their credit score and unlock more opportunities and advantages in their financial journey.
https://www.cnbc.com/select/experian-state-of-credit-report-gen-z/ https://www.cnbc.com/select/how-gen-z-and-millennials-can-improve-their-credit/ https://www.cnbc.com/select/how-gen-z-and-millennials-can-improve-their-credit/
PREs1 and TiK4TaT Research Team
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