What kind of scores and ratings are keeping millennials up at night?
COSTA MESA, Calif., Oct. 10, 2019 /PRNewswire/ -- Lives today are affected by a vast number of social media and online numbers – likes, followers, scores and ratings. While some social media platforms will possibly remove visible tallies such as “likes” in the future, millennials already are on the right track prioritizing the “numbers” that can truly affect their life and financial future – credit scores. A national consumer survey by Experian® reveals that 59% of survey respondents feel the most important score to increase is their credit scores and 53% place more importance in proactively trying to increase their credit scores, versus growing their followers on social platforms such as Instagram and Twitter.
How scores stack up
While social media and online numbers command millennials’ constant attention (19 percent say it’s an obsession), 49% of those surveyed believe a credit score impacts their life the most. Fifty-nine percent of survey respondents worry about their credit scores and 52% would be disappointed if the scores went down.
Luckily, young adults can access tools such as Experian Boost ™ to increase their credit scores instantly. Experian Boost is a free online resource that allows consumers to add positive payment history from utility and cell phone payments to their Experian credit reports, which can possibly improve their FICO® Score, in real time. In the age of immediate results, millennials can now have more control over their credit scores by using Experian Boost.
“Proud scorekeeping millennials can often have low credit scores due to short credit histories, but there are steps they can take to better manage their scores,” said Rod Griffin, director of public education for Experian. “Ultimately, a good credit score has a greater lifelong impact than social media likes and followers, and putting the emphasis on monitoring this score will set millennials up for a successful financial future.”
Some stats cause stress, but high credit scores generate excitement
Keeping track of various scores/ratings is causing anxiety among some young adults. Twenty percent of survey respondents say, in general, scores/ratings affect their reputation negatively. The findings also reveal:
- Among those surveyed that said scores/ratings negatively affected their life (51 percent), more than half feel bad when their scores/ratings go down
- 48% of this group get anxiety knowing someone in their circle had a higher score/rating
- Nearly 1 out of 2 (44%) also say they focus too much on increasing their scores/ratings to the detriment of other things
However, 56% of survey respondents overall feel most excited when they have a high credit score above a high Yelp rating (49 percent) and a high number of YouTube followers (48 percent).
For more survey findings, go to https://www.experian.com/blogs/ask-experian/millennials-see-credit-scores-increase/. To learn more about credit and finance topics, visit http://www.experian.com/education.
Experian is the world’s leading global information services company. During life’s big moments — from buying a home or a car to sending a child to college to growing a business by connecting with new customers — we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organizations to prevent identity fraud and crime.
We have 17,200 people operating across 44 countries, and every day we’re investing in new technologies, talented people and innovation to help all our clients maximize every opportunity. We are listed on the London Stock Exchange (EXPN) and are a constituent of the FTSE 100 Index.
Sandra A. Bernardo
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