Baby boomers鈥� grew by 1.6%. Why this matters: Concerns about credit card debt are not unique to Gen Z. US credit card debt topped a record $1.17 trillion in Q3 2024. And delinquency rates remain elevated: The 30-day delinquency rate fell from 9.1% in Q2 to 8.8% in Q3 2024, per the Federal Reserve鈥攆ar above prepandemic levels.
Afterpay attracted users across all demographics: 26% were Gen Zers, 44% were millennials, 24% were Gen Xers, and 6% were boomers. The top spending categories outside of fashion and beauty were personal care, followed by household supplies. And the fastest growing category was vitamins and supplements. Cash App Card. Cash App Card transactions grew 19% YoY over the holiday period.
Millennials believe they need $180,900鈥攍ess than any other generation except boomers. However, 69% feel that financial success is harder to achieve today, topping all generations. How we got here: Many young consumers experience 鈥渕oney dysmorphia鈥濃�攁 sense of financial insecurity fueled by social media. 48% of Gen Z and 59% of millennials feel financially behind.
Gen Zers and baby boomers represent the largest shares of lower-income Americans, at 33% and 35%, respectively. Millennials account for 18% and Gen Xers 14%, per 2023 American Community Survey data cited in the report. Hispanic and Black people represent 22% and 18% of the low-income population, respectively, while whites account for 50%. Economic burdens have affected this group鈥檚 spending.