Money Debt by age group and generation
Debt is something that affects people of all ages in the U.S. and this analysis looks into which age groups deal with the most debt, and how debt changes over the course of a lifetime.
Contents
- Key statistics
- Total debt by age group in the U.S.
- Average debt by generation
- Generation definitions
- Credit card debt by age
- Credit card debt by generation
- Student loan debt by age
- Student loan borrowers by age
- Student loan debt by generation
- Mortgage debt by age
- Mortgage debt by generation
- Auto loan debt by age
- Auto loan debt by generation
- Bankruptcies by age
- Sources
- Methodology
Key statistics
- People aged 40-49 hold the highest amount of debt with $4.21 trillion in total.
- By 2030, Millennials (born between 1981 to 1996) are expected to have the most total debt at an average of $228,891 per person.
- Generation X (born between 1965 and 1980) holds the most student debt at an average of $45,796, while Gen Z (born between 1997 and 2012) has the lowest with $20,468.
- People over the age of 75 have the highest average amount of credit card debt at $8,080 per person.
- Those in the 30-39 age group currently have the highest amount of auto loan debt at a total of $44.1 billion, and by 2040, the same individuals are predicted to have the most at $45.44 billion.
- People in the 40-49 age group recorded the most bankruptcies in 2022 with 22,870.
Total debt by age group in the U.S.
Analysis of the debt share in the U.S. shows that people aged 40-49 hold the largest amount of debt at $4.21 trillion in total. People aged 50-59 have the most credit card debt in total at $0.21 trillion, and people aged 30-39 have the most student loan debt at $0.5 trillion.
| Debt share by product type and age (2022 Q3) trillions of dollars | |||||||
|---|---|---|---|---|---|---|---|
| Age group | Auto Loans | Credit Card | Mortgage | HELOC | Student Loans | Other | Total Debt |
| 18-29 | $0.20 | $0.07 | $0.53 | $0.00 | $0.34 | $0.03 | $1.18 |
| 30-39 | $0.34 | $0.17 | $2.56 | $0.02 | $0.50 | $0.09 | $3.69 |
| 40-49 | $0.35 | $0.20 | $3.12 | $0.06 | $0.35 | $0.12 | $4.21 |
| 50-59 | $0.31 | $0.21 | $2.67 | $0.08 | $0.23 | $0.12 | $3.62 |
| 60-69 | $0.19 | $0.16 | $1.76 | $0.08 | $0.11 | $0.08 | $2.38 |
| 70+ | $0.10 | $0.12 | $1.02 | $0.07 | $0.03 | $0.05 | $1.39 |
| All ages average | $0.25 | $0.16 | $1.94 | $0.05 | $0.26 | $0.08 | $2.75 |
Source [1] https://www.newyorkfed.org/medialibrary/interactives/householdcredit/data/pdf/hhdc_2022q3.pdf
Average debt by generation
The amount of debt someone carries varies by generation due to changes in global financial conditions over time. There is a generational wealth gap in the U.S. which is caused by a number of different factors.
Generation definitions
This analysis looks at the difference in debt by generation; the definition for each generation is as follows:
- The Silent Generation: Born 1928-1945
- Baby Boomers: Born 1946-1964
- Gen X: Born 1965-1980
- Millennials: Born 1981-1996
- Gen Z: Born 1997-2012
- Gen Alpha: Born in the early 2010s-2025
By breaking down the average debt by generation as opposed to age, the data shows that, as of 2022, Generation X has the most total debt on average at $154,658, followed by millennials with $115,784. By 2030, Millennials are expected to have the most average debt at $228,891.
For those in Generation X and younger, average total debt is increasing, while baby boomers and the Silent Generation are seeing their debt decrease over time.
| Total average debt by generation | Prediction* | ||||
|---|---|---|---|---|---|
| Generation | 2020 | 2021 | 2022 | 2023* | 2030* |
| Gen Z | $16,043 | $20,803 | $25,851 | $30,707 | $65,035 |
| Millennials | $87,448 | $100,906 | $115,784 | $129,715 | $228,891 |
| Gen X | $140,643 | $146,164 | $154,658 | $161,170 | $210,223 |
| Baby boomers | $97,290 | $95,607 | $96,807 | $96,085 | $94,395 |
| Silent generation | $41,281 | $39,859 | $39,345 | $38,226 | $31,450 |
*Predicted figures based on FORECAST; Data from Q3 of each year
Source [2] https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
Credit card debt by age
Statistics show that people aged 75 and over have the highest average amount of credit card debt, at $8,080 per person. This is closely followed by the 45-54 age group with an average of $7,670 per person in credit card debt.
The age group with the lowest amount of credit card debt is those aged under 35 at $3,660 per person. This could be due to the fact that the older someone gets, the higher the credit limit they can get and the more credit accounts they tend to open. [3] https://www.fool.com/the-ascent/credit-cards/articles/4-reasons-why-older-americans-have-higher-credit-scores/ Younger people have had less time to build their credit history and can not always get accepted for higher amounts of credit.
| Age group | Avg. credit card debt (2021) |
|---|---|
| less than 35 | $3,660 |
| 35-44 | $5,990 |
| 45-54 | $7,670 |
| 55-64 | $6,880 |
| 65-74 | $7,030 |
| 75+ | $8,080 |
Source [1] https://www.newyorkfed.org/medialibrary/interactives/householdcredit/data/pdf/hhdc_2022q3.pdf
Credit card debt by generation
The latest data shows that Generation X has the highest average amount of credit card debt at $8,134, and this is predicted to increase to $11,734 by 2030. Gen Z currently has the lowest average amount of credit card debt at an estimated $2,854.
Credit card debt for millennials and Gen Z is increasing, but this type of debt is decreasing for Generation X, baby boomers, and the Silent Generation.
| Average credit card debt by generation | Prediction* | ||||
|---|---|---|---|---|---|
| Generation | 2020 | 2021 | 2022 | 2023 | 2030 |
| Gen Z | $2,044 | $2,282 | $2,854 | $3,203 | $6,038 |
| Millennials | $4,350 | $4,576 | $5,649 | $6,157 | $10,704 |
| Gen X | $7,185 | $7,070 | $8,134 | $8,412 | $11,734 |
| Baby boomers | $6,089 | $5,804 | $6,245 | $6,202 | $6,748 |
| Silent generation | $3,277 | $3,177 | $3,316 | $3,296 | $3,432 |
*Predicted figures based on FORECAST; Data from Q3 of each year
Source [2] https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
Student loan debt by age
As of 2022, student loan borrowers aged 62 and over have the highest amount of student loan debt per borrower at $49,586.21. Those aged 24 and younger have the lowest at $14,454.86, but this could be due to the fact that many have not completed or even started college yet.
| Average student loan debt per borrower by age group | |||||
|---|---|---|---|---|---|
| Year | 24 and younger | 25-34 | 35-49 | 50-61 | 62 and over |
| 2017 | $14,712.64 | $32,176.92 | $37,544.44 | $37,972.97 | $38,250.00 |
| 2018 | $14,775.45 | $32,501.87 | $39,056.00 | $39,856.21 | $41,588.24 |
| 2019 | $14,686.15 | $33,222.22 | $41,396.98 | $42,280.49 | $43,950.00 |
| 2020 | $14,709.27 | $33,731.53 | $43,567.31 | $45,151.16 | $46,326.09 |
| 2021 | $14,560.00 | $33,366.67 | $44,070.29 | $46,309.78 | $47,415.09 |
| 2022 | $14,454.86 | $33,140.14 | $44,375.81 | $47,196.89 | $49,586.21 |
| 2025* | $14,290.64 | $34,121.51 | $48,050.06 | $51,563.27 | $52,057.92 |
| 2030* | $13,746.13 | $34,929.29 | $51,698.15 | $56,241.13 | $54,701.83 |
Source [1] https://www.newyorkfed.org/medialibrary/interactives/householdcredit/data/pdf/hhdc_2022q3.pdf
*Predicted figures based on TREND
Data note: These figures take into account only people who have student loan debt, and do not include people in these age ranges who have no student loan debt.
Student loan borrowers by age
The number of student loan borrowers in the U.S. varies by age due to a range of factors. Since 2017, the amount of student loan borrowers in each age group over 25 has increased every year. As of 2022, the 25 to 34 age group has the highest number of borrowers at 14.5 million. The 62 and over age group has the fewest borrowers with student loan debt at 1.5 million.
| Number of student loan borrowers by age group (millions) | |||||
|---|---|---|---|---|---|
| Year | 24 and under | 25 to 34 | 35 to 49 | 50 to 61 | 62 and over |
| 2017 | 8.7 | 13.0 | 9.0 | 3.7 | 0.8 |
| 2018 | 8.4 | 13.4 | 9.4 | 3.8 | 0.9 |
| 2019 | 8.1 | 13.7 | 10.0 | 4.1 | 1.0 |
| 2020 | 7.8 | 13.9 | 10.4 | 4.3 | 1.2 |
| 2021 | 7.5 | 14.3 | 11.0 | 4.6 | 1.3 |
| 2022 | 7.2 | 14.5 | 11.6 | 4.8 | 1.5 |
| 2025* | 6.32 | 15.36 | 13.09 | 5.51 | 1.85 |
| 2030* | 4.84 | 16.81 | 15.70 | 6.67 | 2.54 |
| 2040* | 1.89 | 19.69 | 20.92 | 9.00 | 3.92 |
*Predicted figures based on TREND
Source [4] https://studentaid.gov/data-center/student/portfolio
Student loan debt by generation
When breaking down average student loan debt by generation, it is Generation X who has the most with an estimated $45,796 on average across all people in this age group. Average student loan debt is predicted to continue increasing across all generations up to 2030.
| Average student loan debt by generation | Prediction* | ||||
|---|---|---|---|---|---|
| Generation | 2020 | 2021 | 2022 | 2023 | 2030 |
| Gen Z | $17,338 | $18,878 | $20,468 | $22,025 | $32,980 |
| Millennials | $38,877 | $40,247 | $40,614 | $41,650 | $47,729 |
| Gen X | $45,095 | $46,317 | $45,796 | $46,437 | $48,891 |
| Baby boomers | $40,512 | $42,351 | $42,693 | $44,033 | $51,667 |
| Silent generation | $28,052 | $29,492 | $30,168 | $31,353 | $38,759 |
*Predicted figures based on FORECAST; Data from Q3 of each year
Data note: These figures take into account all people in the U.S. in each generation including those who do not have any student loan debt.
Source [2] https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
Mortgage debt by age
Mortgage origination has followed a similar pattern for all age groups since 2000, with those aged 40-49 holding the highest level of debt over most of this period. Those aged 70 and over have consistently had the lowest level of mortgage debt since 2000.
| Mortgage originations by age group (billions of dollars) | ||||||
|---|---|---|---|---|---|---|
| Year | 18-29 | 30-39 | 40-49 | 50-59 | 60-69 | 70+ |
| 2000 | $32.50 | $89.68 | $83.63 | $51.00 | $17.85 | $9.40 |
| 2001 | $40.08 | $127.23 | $124.98 | $77.85 | $25.83 | $11.70 |
| 2002 | $51.10 | $191.88 | $194.13 | $118.80 | $39.68 | $16.63 |
| 2003 | $70.20 | $288.63 | $325.05 | $210.20 | $75.00 | $23.83 |
| 2004 | $66.20 | $201.00 | $215.00 | $136.58 | $52.18 | $17.30 |
| 2005 | $69.10 | $205.23 | $217.13 | $145.50 | $51.50 | $16.65 |
| 2006 | $66.35 | $192.60 | $207.50 | $137.23 | $60.78 | $18.63 |
| 2007 | $61.83 | $176.65 | $187.65 | $144.63 | $59.85 | $19.78 |
| 2008 | $41.88 | $115.80 | $118.70 | $90.80 | $41.58 | $13.35 |
| 2009 | $37.33 | $113.45 | $138.63 | $98.50 | $46.15 | $16.15 |
| 2010 | $33.23 | $100.28 | $115.18 | $88.80 | $45.03 | $15.55 |
| 2011 | $22.23 | $88.35 | $121.30 | $88.28 | $50.78 | $14.55 |
| 2012 | $27.20 | $110.35 | $147.55 | $114.55 | $65.95 | $20.20 |
| 2013 | $30.83 | $120.33 | $155.80 | $129.48 | $72.35 | $26.85 |
| 2014 | $26.40 | $86.53 | $90.20 | $70.33 | $40.05 | $11.93 |
| 2015 | $34.70 | $117.40 | $123.73 | $95.18 | $52.10 | $18.68 |
| 2016 | $37.65 | $126.20 | $134.38 | $98.73 | $58.15 | $22.40 |
| 2017 | $40.68 | $127.08 | $118.78 | $96.83 | $54.03 | $23.15 |
| 2018 | $37.40 | $115.60 | $115.00 | $83.88 | $51.30 | $24.75 |
| 2019 | $46.19 | $149.10 | $139.08 | $101.28 | $60.17 | $28.37 |
| 2020 | $69.37 | $259.75 | $254.08 | $196.63 | $99.86 | $52.85 |
| 2021 | $78.47 | $290.20 | $308.85 | $239.88 | $140.28 | $68.09 |
| 2022 | $62.26 | $201.63 | $204.13 | $145.74 | $92.41 | $42.92 |
| 2025* | $47.01 | $165.38 | $170.93 | $140.31 | $92.31 | $42.88 |
| 2030* | $46.98 | $168.62 | $172.34 | $147.56 | $104.28 | $49.91 |
| 2040* | $46.92 | $175.11 | $175.17 | $162.05 | $128.20 | $63.96 |
*Predicted figures based on TREND
Source [1] https://www.newyorkfed.org/medialibrary/interactives/householdcredit/data/pdf/hhdc_2022q3.pdf
Mortgage debt by generation
According to recent figures, Millennials have the highest average amount of mortgage debt at $286,906, this is followed by Generation X at $274,406. The Silent Generation has the lowest average amount of mortgage debt with $139,999.
By 2030, Millennials are predicted to still have the highest amount of mortgage debt, with an average of $484,833.
| Average mortgage debt by generation | Prediction* | ||||
|---|---|---|---|---|---|
| Generation | 2020 | 2021 | 2022 | 2023 | 2030 |
| Gen Z | $169,470 | $192,224 | $217,700 | $241,361 | $410,166 |
| Millennials | $237,349 | $261,225 | $286,906 | $311,384 | $484,833 |
| Gen X | $247,564 | $259,437 | $274,406 | $287,311 | $381,258 |
| Baby boomers | $178,688 | $182,247 | $189,155 | $193,830 | $230,465 |
| Silent generation | $133,827 | $135,162 | $139,999 | $142,501 | $164,103 |
*Predicted figures based on FORECAST; Data from Q3 of each year
Source [2] https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
Auto loan debt by age
When it comes to auto loan debt, those aged 30-39 have the highest total amount across their age group, with $44.1 billion in auto loan originations in 2022. People aged 70 and over have the lowest total amount at $10.5 billion.
By 2040, people aged 50-59 are predicted to have the highest total auto loan debt at $45.44 billion. This would be the same group of individuals who currently have the most auto debt at the age of 30-39.
| Auto loan originations by age group (billions of dollars) | ||||||
|---|---|---|---|---|---|---|
| Year | 18-29 | 30-39 | 40-49 | 50-59 | 60-69 | 70+ |
| 2000 | $16.90 | $24.20 | $22.90 | $15.58 | $5.98 | $3.20 |
| 2001 | $18.90 | $26.63 | $25.20 | $17.30 | $6.65 | $3.28 |
| 2002 | $17.43 | $27.43 | $26.40 | $19.25 | $7.90 | $3.58 |
| 2003 | $19.33 | $30.45 | $31.73 | $22.95 | $9.38 | $4.05 |
| 2004 | $20.33 | $28.23 | $28.98 | $21.38 | $8.85 | $3.50 |
| 2005 | $21.20 | $33.98 | $33.48 | $25.13 | $11.00 | $4.03 |
| 2006 | $20.60 | $27.58 | $28.78 | $21.10 | $9.68 | $3.75 |
| 2007 | $19.50 | $25.18 | $25.40 | $19.98 | $9.50 | $3.65 |
| 2008 | $16.20 | $21.18 | $21.80 | $17.33 | $8.63 | $3.43 |
| 2009 | $11.15 | $15.53 | $16.78 | $15.20 | $8.50 | $3.45 |
| 2010 | $11.98 | $17.90 | $19.10 | $16.48 | $9.90 | $3.58 |
| 2011 | $13.55 | $19.58 | $22.13 | $18.20 | $11.08 | $4.25 |
| 2012 | $15.58 | $22.48 | $24.40 | $21.70 | $12.38 | $4.80 |
| 2013 | $17.90 | $24.85 | $26.18 | $23.33 | $14.40 | $5.83 |
| 2014 | $19.50 | $27.35 | $28.10 | $25.15 | $15.45 | $6.53 |
| 2015 | $22.33 | $29.75 | $31.75 | $27.43 | $17.25 | $7.35 |
| 2016 | $22.00 | $31.13 | $31.13 | $28.95 | $19.38 | $8.18 |
| 2017 | $22.53 | $31.05 | $31.95 | $28.68 | $18.73 | $8.95 |
| 2018 | $22.75 | $32.35 | $32.95 | $28.98 | $18.38 | $9.60 |
| 2019 | $24.03 | $32.53 | $34.50 | $30.75 | $19.40 | $10.13 |
| 2020 | $24.85 | $34.48 | $34.58 | $31.33 | $20.18 | $10.20 |
| 2021 | $30.08 | $41.38 | $41.33 | $34.65 | $21.43 | $10.83 |
| 2022 | $29.33 | $44.10 | $42.90 | $35.87 | $21.03 | $10.50 |
| 2025* | $25.76 | $35.64 | $36.77 | $34.23 | $23.38 | $11.31 |
| 2030* | $27.85 | $38.28 | $39.61 | $37.97 | $26.99 | $13.23 |
| 2040* | $32.04 | $43.58 | $45.30 | $45.44 | $34.22 | $17.07 |
*Predicted figures based on TREND
Source [1] https://www.newyorkfed.org/medialibrary/interactives/householdcredit/data/pdf/hhdc_2022q3.pdf
Auto loan debt by generation
The latest statistics show that Generation X has the highest amount of auto loan debt per person at an average of $23,764. This is predicted to increase to $29,865 by 2030. Millennials are expected to have the most auto loan debt by 2030 with an average of $39,123.
The Silent Generation have the lowest average amount of auto loan debt with $15,412 per person.
| Average auto loan debt by generation | Prediction* | ||||
|---|---|---|---|---|---|
| Generation | 2020 | 2021 | 2022 | 2023 | 2030 |
| Gen Z | $15,724 | $17,241 | $19,223 | $20,895 | $33,142 |
| Millennials | $19,011 | $20,855 | $23,045 | $25,004 | $39,123 |
| Gen X | $22,307 | $23,855 | $23,764 | $24,766 | $29,865 |
| Baby boomers | $19,306 | $19,972 | $20,736 | $21,435 | $26,440 |
| Silent generation | $14,750 | $15,063 | $15,412 | $15,737 | $18,054 |
*Predicted figures based on FORECAST; Data from Q3 of each year
Source [2] https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
Bankruptcies by age
Data on bankruptcies in the U.S. show that people in the 40-49 age group recorded the most bankruptcies in 2022 with 22,870 people filing. People aged 18-29 recorded the fewest bankruptcies with 6,780 in 2022.
In all age groups, bankruptcies hit a peak in 2005, with a second spike in 2010.
| New bankruptcy by age group | ||||||
|---|---|---|---|---|---|---|
| Year | 18-29 | 30-39 | 40-49 | 50-59 | 60-69 | 70+ |
| 2000 | 71,045 | 133,580 | 117,780 | 68,880 | 26,400 | 17,280 |
| 2001 | 77,960 | 151,440 | 139,090 | 83,860 | 32,920 | 21,020 |
| 2002 | 81,900 | 160,930 | 153,060 | 97,470 | 38,940 | 21,400 |
| 2003 | 70,030 | 148,200 | 152,740 | 98,750 | 41,670 | 23,780 |
| 2004 | 68,260 | 141,920 | 146,480 | 97,010 | 41,160 | 22,210 |
| 2005 | 93,180 | 182,620 | 184,590 | 128,720 | 53,830 | 28,630 |
| 2006 | 27,150 | 62,970 | 68,330 | 49,150 | 22,290 | 12,860 |
| 2007 | 32,260 | 79,460 | 85,450 | 62,210 | 27,930 | 13,880 |
| 2008 | 37,750 | 98,930 | 109,650 | 80,240 | 37,650 | 16,920 |
| 2009 | 41,100 | 120,580 | 139,920 | 107,290 | 52,400 | 21,610 |
| 2010 | 37,260 | 123,520 | 154,900 | 122,840 | 61,460 | 25,090 |
| 2011 | 28,860 | 99,400 | 130,640 | 103,570 | 53,330 | 22,050 |
| 2012 | 23,430 | 82,400 | 106,460 | 88,250 | 44,790 | 18,990 |
| 2013 | 21,490 | 74,300 | 98,730 | 84,990 | 44,210 | 19,710 |
| 2014 | 17,390 | 58,420 | 78,720 | 67,860 | 36,950 | 16,180 |
| 2015 | 17,230 | 51,760 | 65,060 | 57,990 | 32,290 | 15,050 |
| 2016 | 16,610 | 47,140 | 55,610 | 49,720 | 28,720 | 14,040 |
| 2017 | 16,480 | 44,130 | 54,950 | 48,150 | 29,560 | 15,510 |
| 2018 | 15,780 | 43,380 | 53,650 | 47,930 | 29,350 | 16,280 |
| 2019 | 15,880 | 42,520 | 51,950 | 47,360 | 28,480 | 16,630 |
| 2020 | 11,600 | 30,060 | 36,140 | 32,890 | 20,940 | 12,490 |
| 2021 | 7,800 | 20,510 | 25,970 | 24,630 | 16,280 | 9,000 |
| 2022 | 6,780 | 18,350 | 22,870 | 22,010 | 15,100 | 8,310 |
Source [1] https://www.newyorkfed.org/medialibrary/interactives/householdcredit/data/pdf/hhdc_2022q3.pdf
Sources
- [1] https://www.newyorkfed.org/medialibrary/interactives/householdcredit/data/pdf/hhdc_2022q3.pdf
- [2] https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
- [3] https://www.fool.com/the-ascent/credit-cards/articles/4-reasons-why-older-americans-have-higher-credit-scores/
- [4] https://studentaid.gov/data-center/student/portfolio
Methodology
To determine the predicted debt figures by generation, the percentage change in debt was taken from previous years and used to forecast a prediction for future years using TREND and FORECAST. TREND analysis uses forecasting a pattern of key variables using past data; it is a statistical function that calculates the linear trend line through a set of known y-values and x-values.
