Gen Z is relying on debt more than millennials did at this age

Gen Z consumers aged 22-24 face higher debt levels and delinquency rates than millennials at the same age. Their average credit card balance in 2023 was 26% higher than that of millennials in 2013, influenced by factors like the pandemic, inflation, and high rents. Additionally, their average income is $45,493 compared to millennials' $51,852. Their average debt-to-income is 16%, compared to millennials' 12% in 2013.