Money Debt by age group and generation
Debt affects Americans differently depending on where they are in life. Younger consumers may be managing student loans and starter credit cards, while older generations balance mortgages and retirement planning.
This article examines debt patterns across age groups, the factors that influence these trends, and what the data reveals about different types of debt at varying stages of life.
Key statistics
- Generation X (aged 44-59) holds the highest amount of debt with $6.69 trillion in total as of 2025.
- The Silent Generation (aged 79 and over) has the lowest overall amount of debt as of 2025 at $0.5 trillion.
- On average, Gen Xers have the most credit card debt per person at $9,600, while the Silent Generation has the least ($3,445), followed closely by Gen Z (aged 18-27) with $3,493.
- Millennials (aged 28-43) make up the largest proportion of student loan borrowers at 25.5%, followed by Gen Z at 18.9%.
- Gen Zers have the lowest amount of student debt on average ($22,948), while Gen Xers have the highest average amount ($44,240).
- Millennials have the highest amount of mortgage debt at an average of $312,014, and the Silent Generation has the lowest at $146,015.
- People aged between 40 and 49 recorded the most bankruptcies in 2024 at 126,260, while those aged 18-29 recorded the fewest at 36,420.
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 $4.82 trillion in total. This group also has the most credit card debt in total at $0.28 trillion, and people aged 30-39 have the most student loan debt at $0.52 trillion.
| Total Debt Share by Product Type and Age (2025Q2) trillions of dollars | |||||||
|---|---|---|---|---|---|---|---|
| Age group | Auto Loans | Credit Card | Mortgage | HELOC | Student Loans | Other | |
| 18-29 | $0.20 | $0.08 | $0.49 | $0.00 | $0.31 | $0.03 | |
| 30-39 | $0.38 | $0.22 | $2.72 | $0.03 | $0.52 | $0.09 | |
| 40-49 | $0.40 | $0.28 | $3.53 | $0.10 | $0.38 | $0.13 | |
| 50-59 | $0.34 | $0.27 | $2.94 | $0.11 | $0.25 | $0.13 | |
| 60-69 | $0.22 | $0.21 | $1.98 | $0.10 | $0.13 | $0.10 | |
| 70+ | $0.12 | $0.15 | $1.28 | $0.07 | $0.04 | $0.06 | |
Source [1] Federal Reserve Bank of New York, "Household Debt and Credit" https://www.newyorkfed.org/microeconomics/hhdc/background.html
Total 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 2024, Generation X has the most debt with $6.69 trillion in total, followed by millennials with $5.67 trillion.
| Total debt by generation (trillions of dollars) | |||
|---|---|---|---|
| Generation | 2024 | 2025 | Change |
| Gen Z (18-28) | $0.75T | $0.99T | +32% |
| Millennials (29-44) | $5.29T | $5.67T | +7.2% |
| Gen X (45-60) | $6.58T | $6.69T | +1.7% |
| Baby boomers (61-79) | $4.56T | $4.46T | -2.2% |
| Silent Generation (80+) | $0.54T | $0.50T | -7.4% |
Source [2] Experian, "Consumer Debt Study" https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
Data from June 2025
Credit card debt by generation
Statistics from Experian as of June 2025 show that people in Generation X have the highest average amount of credit card debt at $9,600. Millennials and Baby Boomers have very similar amounts of credit card debt on average ($6,961 and $6,795).
The age group with the lowest amount of credit card debt is the Silent Generation, at $3,445 per person; however, Gen Zers have a similar average ($3,493).
| Generation | Average credit card debt |
|---|---|
| Generation Z (18-27) | $3,493 |
| Millennials (28-43) | $6,961 |
| Generation X (44-59) | $9,600 |
| Baby boomers (60-78) | $6,795 |
| Silent Generation (79+) | $3,445 |
Source [2] Experian, "Consumer Debt Study" https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
Data from June 2025
Student loan debt by generation
As of Q1 of 2024, student loan borrowers in Generation X have the highest average amount of student loan debt per borrower at $44,240. Gen Zers have the lowest average student debt at $22,948, but this could be due to the fact that many have not completed or even started college yet.
| Generation | Average Balance |
|---|---|
| Generation Z (18-27) | $22,948 |
| Millennials (28-43) | $40,438 |
| Generation X (44-59) | $44,240 |
| Baby boomers (60-78) | $41,877 |
| Silent Generation (79+) | $31,106 |
Source [4] Education Data, "Student Loan Debt by Generation" https://educationdata.org/student-loan-debt-by-generation
Student loan borrowers by age
Just like the average amount of student debt, the number of people with student loan debt also varies by generation. Millennials have the highest proportion of student loan borrowers at 25.5%, followed by Gen Z at 18.9%. The Silent Generation has the fewest student loan borrowers, with only 1.4% of people in this age group owing student debt.
| Generation | % with student loan debt |
|---|---|
| Generation Z (18-27) | 18.9% |
| Millennials (28-43) | 25.5% |
| Generation X (44-59) | 15.5% |
| Baby boomers (60-78) | 6.6% |
| Silent Generation (79+) | 1.4% |
Source [4] Education Data, "Student Loan Debt by Generation" https://educationdata.org/student-loan-debt-by-generation
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 for much of this period, followed by people aged 30-39. 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 | $130.0 | $358.7 | $334.5 | $204.0 | $71.4 | $37.6 |
| 2001 | $160.3 | $508.9 | $499.9 | $311.4 | $103.3 | $46.8 |
| 2002 | $204.4 | $767.5 | $776.5 | $475.2 | $158.7 | $66.5 |
| 2003 | $280.8 | $1,154.5 | $1,300.2 | $840.8 | $300.0 | $95.3 |
| 2004 | $264.8 | $804.0 | $860.0 | $546.3 | $208.7 | $69.2 |
| 2005 | $276.4 | $820.9 | $868.5 | $582.0 | $206.0 | $66.6 |
| 2006 | $265.4 | $770.4 | $830.0 | $548.9 | $243.1 | $74.5 |
| 2007 | $247.3 | $706.6 | $750.6 | $578.5 | $239.4 | $79.1 |
| 2008 | $167.5 | $463.2 | $474.8 | $363.2 | $166.3 | $53.4 |
| 2009 | $149.3 | $453.8 | $554.5 | $394.0 | $184.6 | $64.6 |
| 2010 | $132.9 | $401.1 | $460.7 | $355.2 | $180.1 | $62.2 |
| 2011 | $88.9 | $353.4 | $485.2 | $353.1 | $203.1 | $58.2 |
| 2012 | $108.8 | $441.4 | $590.2 | $458.2 | $263.8 | $80.8 |
| 2013 | $123.3 | $481.3 | $623.2 | $517.9 | $289.4 | $107.4 |
| 2014 | $105.6 | $346.1 | $360.8 | $281.3 | $160.2 | $47.7 |
| 2015 | $138.8 | $469.6 | $494.9 | $380.7 | $208.4 | $74.7 |
| 2016 | $150.6 | $504.8 | $537.5 | $394.9 | $232.6 | $89.6 |
| 2017 | $162.7 | $508.3 | $475.1 | $387.3 | $216.1 | $92.6 |
| 2018 | $149.6 | $462.4 | $460.0 | $335.5 | $205.2 | $99.0 |
| 2019 | $184.8 | $596.4 | $556.3 | $405.1 | $240.7 | $113.5 |
| 2020 | $277.5 | $1,039.0 | $1,016.3 | $786.5 | $399.4 | $211.4 |
| 2021 | $313.9 | $1,160.8 | $1,235.4 | $959.5 | $561.1 | $272.3 |
| 2022 | $248.2 | $759.4 | $732.9 | $522.8 | $330.8 | $150.1 |
| 2023 | $190.8 | $448.2 | $373.0 | $259.6 | $150.7 | $70.6 |
| 2024 | $186.6 | $518.7 | $406.3 | $311.4 | $171.7 | $94.5 |
Source [1] Federal Reserve Bank of New York, "Household Debt and Credit" https://www.newyorkfed.org/microeconomics/hhdc/background.html
Mortgage debt by generation
According to Experian figures from Q3 of 2024, Millennials have the highest average amount of mortgage debt at $312,014, this is followed by Generation X at $283,677. The Silent Generation has the lowest average amount of mortgage debt, with $146,015.
| Generation | Average mortgage debt |
|---|---|
| Generation Z (18-27) | $249,744 |
| Millennials (28-43) | $312,014 |
| Generation X (44-59) | $283,677 |
| Baby boomers (60-78) | $194,334 |
| Silent Generation (79+) | $146,015 |
Source [5] Experian, "How Much Americans Owe on Their Mortgages in Each State" https://www.experian.com/blogs/ask-experian/how-much-americans-owe-on-their-mortgages-in-every-state/
Data from Q4 of 2024
Auto loan debt by age
When it comes to auto loan debt, those aged 40-49 had the highest total amount in loan originations in 2024, with $156.5 billion. People aged 70 and over have the lowest total amount at $47.9 billion.
People in the 70 and over age bracket have consistently had the lowest total in auto loan originations since the year 2000, while the 30-39 and 40-49 age groups have fluctuated between the two top positions.
| Auto loan originations by age group (billions of dollars) | ||||||
|---|---|---|---|---|---|---|
| Year | 18-29 | 30-39 | 40-49 | 50-59 | 60-69 | 70+ |
| 2000 | $67.6 | $96.8 | $91.6 | $62.3 | $23.9 | $12.8 |
| 2001 | $75.6 | $106.5 | $100.8 | $69.2 | $26.6 | $13.1 |
| 2002 | $69.7 | $109.7 | $105.6 | $77.0 | $31.6 | $14.3 |
| 2003 | $77.3 | $121.8 | $126.9 | $91.8 | $37.5 | $16.2 |
| 2004 | $81.3 | $112.9 | $115.9 | $85.5 | $35.4 | $14.0 |
| 2005 | $84.8 | $135.9 | $133.9 | $100.5 | $44.0 | $16.1 |
| 2006 | $82.4 | $110.3 | $115.1 | $84.4 | $38.7 | $15.0 |
| 2007 | $78.0 | $100.7 | $101.6 | $79.9 | $38.0 | $14.6 |
| 2008 | $64.8 | $84.7 | $87.2 | $69.3 | $34.5 | $13.7 |
| 2009 | $44.6 | $62.1 | $67.1 | $60.8 | $34.0 | $13.8 |
| 2010 | $47.9 | $71.6 | $76.4 | $65.9 | $39.6 | $14.3 |
| 2011 | $54.2 | $78.3 | $88.5 | $72.8 | $44.3 | $17.0 |
| 2012 | $62.3 | $89.9 | $97.6 | $86.8 | $49.5 | $19.2 |
| 2013 | $71.6 | $99.4 | $104.7 | $93.3 | $57.6 | $23.3 |
| 2014 | $78.0 | $109.4 | $112.4 | $100.6 | $61.8 | $26.1 |
| 2015 | $89.3 | $119.0 | $127.0 | $109.7 | $69.0 | $29.4 |
| 2016 | $88.0 | $124.5 | $124.5 | $115.8 | $77.5 | $32.7 |
| 2017 | $90.1 | $124.2 | $127.8 | $114.7 | $74.9 | $35.8 |
| 2018 | $91.0 | $129.4 | $131.8 | $115.9 | $73.5 | $38.4 |
| 2019 | $96.1 | $130.1 | $138.0 | $123.0 | $77.6 | $40.5 |
| 2020 | $99.4 | $137.9 | $138.3 | $125.3 | $80.7 | $40.8 |
| 2021 | $120.3 | $165.5 | $165.3 | $138.6 | $85.7 | $43.3 |
| 2022 | $119.3 | $177.1 | $173.3 | $142.4 | $84.5 | $40.7 |
| 2023 | $104.7 | $154.7 | $155.6 | $131.3 | $82.6 | $43.1 |
| 2024 | $99.7 | $153.2 | $156.5 | $138.3 | $90.9 | $47.9 |
Source [1] Federal Reserve Bank of New York, "Household Debt and Credit" https://www.newyorkfed.org/microeconomics/hhdc/background.html
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 $27,602. Millennials are in second place with an average of $24,942 per person in auto loan debt.
The Silent Generation has the lowest average amount of auto loan debt, with $16,751 per person.
| Generation | Average auto loan debt |
|---|---|
| Generation Z | $20,657 |
| Millennials | $24,942 |
| Generation X | $27,602 |
| Baby Boomers | $22,190 |
| Silent Generation | $16,751 |
Source [6] Experian, "Auto Loan Debt Study" https://www.experian.com/blogs/ask-experian/research/auto-loan-debt-study/
Data from Q3 of 2024
Bankruptcies by age
Data on bankruptcies in the U.S. show that people in the 40-49 age group recorded the most bankruptcies in 2024, with 126,260 people in this group filing for bankruptcy. People aged 18-29 recorded the fewest bankruptcies with 36,420 in 2024.
In all age groups, bankruptcies hit a peak in 2005, with a second spike in all groups except 18-29s in 2010.
| New bankruptcy by age group | ||||||
|---|---|---|---|---|---|---|
| Year | 18-29 | 30-39 | 40-49 | 50-59 | 60-69 | 70+ |
| 2000 | 284,180 | 534,300 | 471,100 | 275,520 | 105,600 | 69,120 |
| 2001 | 311,820 | 605,760 | 556,360 | 335,420 | 131,660 | 84,080 |
| 2002 | 327,580 | 643,720 | 612,220 | 389,860 | 155,760 | 85,600 |
| 2003 | 280,120 | 592,800 | 610,940 | 395,000 | 166,660 | 95,120 |
| 2004 | 273,040 | 567,680 | 585,900 | 388,020 | 164,640 | 88,840 |
| 2005 | 372,720 | 730,460 | 738,340 | 514,860 | 215,320 | 114,520 |
| 2006 | 108,580 | 251,880 | 273,300 | 196,600 | 89,160 | 51,420 |
| 2007 | 129,020 | 317,820 | 341,800 | 248,840 | 111,700 | 55,520 |
| 2008 | 151,000 | 395,700 | 438,600 | 320,960 | 150,580 | 67,660 |
| 2009 | 164,400 | 482,320 | 559,680 | 429,160 | 209,580 | 86,420 |
| 2010 | 149,020 | 494,060 | 619,580 | 491,340 | 245,820 | 100,340 |
| 2011 | 115,440 | 397,580 | 522,540 | 414,280 | 213,300 | 88,180 |
| 2012 | 93,720 | 329,600 | 425,820 | 353,000 | 179,140 | 75,940 |
| 2013 | 85,960 | 297,180 | 394,900 | 339,940 | 176,840 | 78,820 |
| 2014 | 69,560 | 233,660 | 314,860 | 271,440 | 147,800 | 64,700 |
| 2015 | 68,920 | 207,020 | 260,220 | 231,940 | 129,140 | 60,200 |
| 2016 | 66,420 | 188,540 | 222,440 | 198,880 | 114,860 | 56,160 |
| 2017 | 65,920 | 176,500 | 219,780 | 192,580 | 118,220 | 62,040 |
| 2018 | 63,100 | 173,520 | 214,580 | 191,700 | 117,400 | 65,100 |
| 2019 | 63,500 | 170,080 | 207,800 | 189,420 | 113,920 | 66,520 |
| 2020 | 46,400 | 120,240 | 144,560 | 131,560 | 83,760 | 49,940 |
| 2021 | 31,200 | 82,040 | 103,860 | 98,520 | 65,120 | 35,980 |
| 2022 | 27,560 | 74,740 | 93,200 | 88,560 | 59,900 | 33,020 |
| 2023 | 32,040 | 91,480 | 109,540 | 103,500 | 64,200 | 38,140 |
| 2024 | 36,420 | 105,020 | 126,260 | 118,080 | 74,500 | 42,320 |
| 2025 (Up to Q2) | 14,600 | 49,340 | 60,320 | 55,140 | 35,740 | 20,780 |
Source [1] Federal Reserve Bank of New York, "Household Debt and Credit" https://www.newyorkfed.org/microeconomics/hhdc/background.html
Sources
- [1] Federal Reserve Bank of New York, "Household Debt and Credit" https://www.newyorkfed.org/microeconomics/hhdc/background.html
- [2] Experian, "Consumer Debt Study" https://www.experian.com/blogs/ask-experian/research/consumer-debt-study/
- [3] Experian, "Credit Card Debt by Age" https://www.experian.com/blogs/ask-experian/research/credit-card-debt-by-age/
- [4] Education Data, "Student Loan Debt by Generation" https://educationdata.org/student-loan-debt-by-generation
- [5] Experian, "How Much Americans Owe on Their Mortgages in Each State" https://www.experian.com/blogs/ask-experian/how-much-americans-owe-on-their-mortgages-in-every-state/
- [6] Experian, "Auto Loan Debt Study" https://www.experian.com/blogs/ask-experian/research/auto-loan-debt-study/
