Gen-Xers more likely to rely on credit cards for essentials like groceries than any other generation. Here’s why

📆 6/6/2023 3:32 PM
📰 TorontoStar

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Gen-Xers — those between 43 and 58 — increasingly rely on credit cards to pay for essentials such as groceries and utilities, according to a recent study conducted by a personal finance company.

The survey by NerdWallet found of 1,000 Canadian adults that 76 per cent of gen-Xers have used a credit card to pay for purchases like groceries and utilities over the past year compared to 74 per cent of baby boomers and 68 per cent of millennials.

An Interac survey from April this year found 70 per cent of gen-Zers said they frequently use debit, compared with 55 per cent of older participants. He cites recessionary pressures, increasing costs of tuition and student loans, and an out-of-reach housing market as reasons why gen-Z hasn’t been able to build the same level of borrowing power.

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