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Debt Blame Game: Nearly Half of Gen Zers and Millennials Blame Their Parents for Their Debt

Local News

By Published: June 28 2024

LongIsland.com

Of the 47% of consumers with credit card debt, 60% believe factors beyond their control caused it.

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Credit card debt isn’t a new problem, but it’s a concerning and pervasive one. According to the latest LendingTree survey of over 2,000 Americans, 47% have credit card debt. Worse, nearly half have carried that debt for at least a year, giving interest ample time to add up.

Key findings

  • Most Americans with credit card debt believe it was out of their hands. Of the 47% of consumers with credit card debt, 60% believe factors beyond their control caused it. Additionally, 71% of those in debt say certain entities or events worsened their financial situation, including the U.S. economy (44%), COVID-19 pandemic (24%) and federal government (20%). Drilling deeper on personal factors, 31% blame their lack of financial discipline, 25% point to medical emergencies and 24% cite raising children.
  • Financial education could be the key to financial discipline as an adult. 57% of Americans with credit card debt believe they wouldn’t be saddled with it if they received better personal finance education earlier in life.
  • While many can admit that credit card debt is ultimately their fault, some also point the finger at their parents. Almost a third (32%) of Americans with credit card debt believe their parents’ financial situation set them up to be in debt. This is especially true for younger generations, as 52% of Gen Zers and 44% of millennials agree.
  • Regardless, the majority are stressed about their debt, and some don’t know when they can pay it off. As for addressing their credit card debt, 72% feel stressed about it, and 61% regret going into debt in the first place. Looking at timelines, 49% expect it to take a year or less, while 18% say it’ll take more than five years to pay off.

“Rather than focusing on who to blame, focus on attacking that debt,” says LendingTree chief credit analyst Matt Schulz. “It can be easier said than done, but it is so important that you get started. Even if the first step is small and even if you’re not sure if you’re using the right approach, doing something is better than doing nothing. It is all about beginning the process and making progress.”