Generation Y have become the latest casualties of the economic crisis, with credit reporting agency Veda Advantage revealing a large drop in applications for personal credit by Generation Y (those born between 1981 and 1994).
The Veda Advantage May figures show a drop in all account credit applications, including hire purchase, credit cards, personal loans and mortgages. Generation Y credit card inquiries fell 25.9 percent, while mortgage applications declined 5.3 percent.
Veda Advantage New Zealand MD John Roberts said the economic crisis has forced Gen Y to be more conservative with their money, as they had previously shown little reluctance in taking on debt.
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