Source:
https://scmp.com/business/banking-finance/article/2150082/gen-zs-their-20s-are-fastest-growing-group-loan-borrowers
Business/ Banking & Finance

Gen-Zs in their 20s are fastest-growing group of loan borrowers, spurred by cheap and easy money

Gen-Z and the Millennials have turned into the biggest borrowers of the economy, spurred by the proliferation of smartphone-enabled credit facilities and low interest rates

Gen-Z and the Millennials have turned into the biggest borrowers of the economy, spurred by the proliferation of smartphone-enabled credit facilities and low interest rates

Generation Z, the section of the population born in the mid-90s, was the fastest-growing segment of borrowers in Hong Kong during the first quarter, according to data by the credit report company TransUnion.

Loans by Gen-Z borrowers, the oldest of whom is 23 this year, soared by 78.5 per cent from last year, according to TransUnion’s data comprising 20 million accounts and 5.4 million customers. Total loans grew 1.9 per cent during the quarter compared with 2017, driven mostly by increases in credit extended to the younger segment of the population.