Millennials, Generation Z and credit
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1 Millennials, Generation Z and credit
2 Introducing: Kelley Motley Experian Natasha Madan Experian
3 Generation overview Gen Z Gen Y Gen X Boomer Silent Age Younger: Age Age Age Age 70+ Older: Age Experian 4/26/2017 Experian Public Vision 2017
4 Generational review 4 Experian 4/26/2017 Experian Public Vision 2017
5 US population The growth of Gen Z and Millennials Gen Z ~86M (27%) Gen YY Gen OY ~31MM(10%) ~30MM(9%) Gen X ~61M (19%) Baby Boomers ~80M (25%) Silent ~28M (9%) 5,000,000 4,500,000 4,000,000 3,500,000 3,000,000 2,500,000 2,000,000 1,500,000 1,000, , Experian 4/26/2017 Experian Public Vision 2017 Age
6 VantageScore 3.0 Model overview Predicts risk of borrower Likelihood of future serious delinquencies (90 days later or greater) Any type of account 24-month performance Score range of Higher scores represent a lower likelihood of risk Lower scores are higher risk A = Super-prime B = Prime C =Near prime D = Sub-prime F = Deep sub-prime Experian 4/26/2017 Experian Public Vision 2017
7 Average VantageScore by generation Gen Z Young Millennial Older Millennial Gen X Boomer Silent Average Experian 4/26/2017 Experian Public Vision 2017
8 VantageScore Risk tiers Gen Z subprime / near prime will migrate to prime / super prime as they age 70% 60% 50% 40% 30% 20% 10% 0% Gen Z Gen YY Gen OY Gen X Boomer Silent Deep Subprime Subprime Near prime Prime Superprime 8 Experian 4/26/2017 Experian Public Vision 2017
9 Debt by risk tier $299,186 Extreme growth as younger consumer begin to build credit $225,691 $121,460 $129,030 $65,473 $12,679 Gen Z Gen YY Gen OY Gen X Boomer Silent Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 9 Experian 4/26/2017 Experian Public Vision 2017
10 Percentage of debt by risk tier Generation Z Generation YY Generation OY 10% 11% 11% 11% 11% 12% 11% 11% 10% 9% 32% 27% 48% 37% 35% 32% 30% 30% 35% 34% 33% 32% 30% 19% 25% 30% 21% 21% 20% 18% 17% 15% 15% 15% 15% 15% 19% 21% 12% 19% 20% 17% N/A N/A 1% 3% 5% Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 31% 33% 36% 38% 40% 1% 1% 1% 2% 2% Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 34% 35% 35% 35% 36% 5% 5% 7% 8% 9% Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Deep Subprime Subprime Near Prime Prime Super Prime 10 Experian 4/26/2017 Experian Public Vision 2017
11 Gen Z Gen YY Gen OY Gen X Boomer Silent Debt ($s) Billions Types of debt by generation Silent $7,000 $6,000 Mortgage Boomer Gen X $5,000 $4,000 Gen OY Gen YY $3,000 $2,000 Gen Z $32B from STU, BCC, AUA $1,000 $0 $200 $400 $600 Debt ($s) Billions $0 STU RTA PIL HLC BCC AUA 11 Experian 4/26/2017 Experian Public Vision 2017
12 Thin files by generation 94.7% 63.9% 36.1% 28.1% 22.7% 38.4% 63.9% 71.9% 77.3% 61.6% 5.3% 36.1% Gen Z Gen YY Gen OY Gen X Boomer Silent Thick: 5 or more trades Thin: 1-4 trades 99.3% 97.6% 94.7% 0.7% 2.4% 5.3% 56% 54% 44% 46% 52% 48% 51% 49% 46% 54% Gen Z and Millennials files are getting thicker over time Experian 4/26/2017 Experian Public Vision 2017
13 Percent of consumers Percent of consumers Average Income Insight SM and Debt-to-income 50% Income Insight SM 85% 40% 30% 20% 82% 84% Average Income Insight SM Gen Z: $33.8K Gen X: $84.9K Gen YY: $41.6K Boomers: $102K Gen OY: $60.5K Silent: $95.3K 10% 0% 0-<25K 25K-< 35K 35K-< 45K 45K-<55K 55K-< 65K 65K-<75K 75K-<85K 85K-<99K 100K-<125K 125K-<150K 150K-<175K 175K-<200K 200K-<250K 250K+ 100% Debt-to-Income Insight SM Gen Z Gen YY Gen OY 80% 60% 40% Average Debt-to-Income SM Gen Z: 5.7% Gen X: 15.9% Gen YY: 10.2% Boomers: 12.6% Gen OY: 14.1% Silent: 5.7% 20% 0% 0%~10% 11%~20% 21%~30% 31%~40% 41%~50% 51%~60% 61%~70% 71%~80% 81%~90% 91%~100% >100% 13 Experian 4/26/2017 Experian Public Vision 2017
14 Total Annual Plastics Spend (Experian TAPS SM ) Type of spend 66% Gen Z Gen YY Gen OY Gen X 41% 40% 40% 47% 37% Average Experian TAPS SM Gen Z: $ Gen YY: $ Gen OY: $13, Gen X: $19, % 30% 11% 9% 4% 2% 1% 2% 6% 8% 3% 6% 9% 11% Revolver Transactor Rate Surfer Consolidator Mixed 14 Experian 4/26/2017 Experian Public Vision 2017
15 Bankcard balances and utilization $8, % $7,000 $6, % 43.5% $6,000 Gen Z 43.0% $5,000 $4,451 Gen YY Gen OY 42.5% 42.6% 42.5% $4,000 Gen X $3,000 $2,000 $1,574 $2, % 41.5% 41.6% $1, % $0 Balances 40.5% Utilization 15 Experian 4/26/2017 Experian Public Vision 2017
16 Does interest rates matter to Gen Z / Millennials? 15% Mortgage interest rate 15% Revolving interest rate 15% Student loan interest rate 12% 12% 12% 9% 9% 9% 6% 6% 6% 3% 3% 3% 0% Gen Z Gen YY Gen OY Gen X 0% Gen Z Gen YY Gen OY Gen X 0% Gen Z Gen YY Gen OY Gen X 16 Experian 4/26/2017 Experian Public Vision 2017
17 Home lending trends 17 Experian 4/26/2017 Experian Public Vision 2017
18 Percentage of mortgage holders 60% 50% 56.9% 40% 45.3% 39.2% 30% 34.4% 34.7% 20% 19.3% 23.3% 17.2% 10% 0% 0.3% 0.4% 4.3% 4.8% Gen Z Gen YY Gen OY Gen X Boomer Silent Open Mortgage Open+Closed Mortgage 18 Experian 4/26/2017 Experian Public Vision 2017
19 Average mortgage payment nationwide $2,500 Average payments $2,000 $1,500 $1,000 $908 $1,060 $1,438 $500 $- All CA FL NY TX $400,000 Average balances Gen Z Gen YY Gen OY $300,000 $200,000 $100,000 $- $196,651 $147,368 $104,468 All CA FL NY TX 19 Experian 4/26/2017 Experian Public Vision 2017
20 Average VantageScore 3.0 for mortgage holders 70% 60% Avg % 40% 30% 20% 10% 0% Gen Z Gen YY Gen OY Gen X Boomer Silent Deep Subprime Subprime Near Prime Prime Superprime 20 Experian 4/26/2017 Experian Public Vision 2017
21 Auto trends 21 Experian 4/26/2017 Experian Public Vision 2017
22 Who contributes the largest to this growth? Percentage of auto loan and lease growth by age 2.5% 2.0% Gen Z Gen YY Gen OY Gen X 1.5% 1.0% 0.5% 0.0% Current age 22 Experian 4/26/2017 Experian Public Vision 2017
23 Auto loans vs. leases 40% 35% Gen Z Gen YY Gen OY Gen X 30% 25% 20% 15% 10% 5% 0% % With Auto Lease Trade % With Auto Loan Trade % With Both Auto Loan and Lease 23 Experian 4/26/2017 Experian Public Vision 2017
24 Average VantageScore 3.0 for auto holders 60% 50% Avg % 30% 20% 10% 0% Gen Z Gen YY Gen OY Gen X Boomer Silent Deep Subprime Subprime Near prime Prime Superprime 24 Experian 4/26/2017 Experian Public Vision 2017
25 Loan amounts for auto holders by generation 30% 25% 20% 15% 10% 5% 0% Gen Z Gen YY Gen OY Gen X Boomer Silent < > Experian 4/26/2017 Experian Public Vision 2017
26 Loan amounts by VantageScore 3.0 bands 30% Gen Z 30% Gen YY 30% Gen OY 25% 25% 25% 20% 20% 20% 15% 15% 15% 10% 10% 10% 5% 5% 5% 0% 0% 0% Deep Subprime Subprime Near Prime Prime Super Prime 26 Experian 4/26/2017 Experian Public Vision 2017
27 Student lending trends 27 Experian 4/26/2017 Experian Public Vision 2017
28 Trillions Trillions Student loan growth relative to other credit types Non-real estate outstanding debt Change since 4Q-09 Retail Bank Card Auto Student +74% 2009 Q Q Q Q Q Q Q Q4 $1.0 $0.8 $0.6 $0.4 $0.2 $0.0 Home equity outstanding debt Change since 4Q-09 HE Loan HELOC Mortgage -31% 2009 Q Q Q Q Q Q Q Q4 $9.0 $8.0 $7.0 Mortgage ($ trillions) 28 Experian 4/26/2017 Experian Public Vision 2017
29 Average student loans and balances Average student loans ,000 18,000 Average balances 18,308 17, ,000 14,000 13,074 15, ,000 10,000 8,000 8, ,000 4,000 4, , Gen Z Gen YY Gen OY Gen X Boomer Silent 0 Gen Z Gen YY Gen OY Gen X Boomer Silent 29 Experian 4/26/2017 Experian Public Vision 2017
30 Student loan delinquency rates percent balances 10% 8% 6% 4% 2% 0% 1.4% 1.2% 1.0% 0.8% 0.6% 0.4% 0.2% 0.0% DPD 90 DPD 1.2% 0.9% 1.0% 1.1% 0.6% 0.6% 0.2% 0.2% 0.3% 0.20% 0.04% 0.1% Gen Z Gen YY Gen OY Gen X Boomer Silent 30 Experian 4/26/2017 Experian Public Vision 2017
31 How can we reach Gen Z? 31 Experian 4/26/2017 Experian Public Vision 2017
32 My how the times have changed! Where did you get your first credit? How did you get the credit exactly? 32 Experian 4/26/2017 Experian Public Vision 2017
33 What Gen Z / Millennials want Make it relevant Appropriate credit offers Think long-term Honest feedback Consistency Trust 33 Experian 4/26/2017 Experian Public Vision 2017
34 How to bring them into YOUR strategy Message with authenticity Maintain a long-term vision Connect them to something bigger Provide education for financial literacy Keep up with technological expectations 34 Experian 4/26/2017 Experian Public Vision 2017
35 Questions and answers Experian contact: Kelley Motley Natasha Madan 35 Experian 4/26/2017 Experian Public Vision 2017
36 Share your thoughts about Vision 2017! Please take the time now to give us your feedback about this session. You can complete the survey at the kiosk outside. How would you rate both the Speaker and Content? 36 Experian 4/26/2017 Experian Public Vision 2017
37
Dollars of Lines Originated (Billions) Dollars of Lines Originated Billions)
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