NEW YORK—Seven years after the end of the Great Recession, many young adults remain wary about using credit, a new survey finds.
While a majority of older Americans own a credit card, just 33% of adults between the ages of 18 and 29 say they have one, according to Bankrate’s Money Pulse survey.
“Even as the economy and job prospects have improved, this generation hasn’t warmed to the idea of using credit as a financial tool. Two years ago, when Bankrate commissioned a similar survey, nearly two-thirds of young adults said they had no ‘major’ credit cards, defined as cards issued by either American Express, Visa, Mastercard or Discover,” Bankrate explained, noting that card ownership increases with age.