Amex CEO Stephen Squeri noted that Gen Z and millennial cardholders are outperforming their peers in terms of credit scores and payment behavior, contrasting typical concerns about youth credit card debt. Although data indicates younger generations are accruing substantial credit card debt, with average balances of $2,834 for 22- to 24-year-olds, Amex's young clients boast an average FICO score of 750. Furthermore, millennials and Gen Z made up over 60% of new accounts, propelling Amex's growth, suggesting their spending habits contrast with common narratives about financial irresponsibility.
Younger American Express credit card holders are bucking industrywide trends regarding fiscal responsibility, said Amex CEO Stephen Squeri. Squeri said during an earnings call on Thursday, in which the company surpassed Wall Street expectations, that millennial and Gen Z customers are "performing significantly better, both from a FICO perspective and from a delinquency perspective, than the industry."
Squeri said during an earnings call on Thursday, in which the company surpassed Wall Street expectations, that millennial and Gen Z customers are "performing significantly better, both from a FICO perspective and from a delinquency perspective, than the industry."
It's fairly normal for young people to borrow a lot during the early years of their careers, and we certainly see that happening right now with Gen Z and millennials," Rich Franks, head of Credit Karma's Light Box, previously told Business Insider.
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