Recent data from the New York Federal Reserve indicates a significant uptick in auto loan serious delinquencies (90+ days) in the fourth quarter of 2023, reaching the highest rate in over a decade. Generation Z has the highest percentage of auto loans transitioning into delinquencies at nearly 12%, followed by Millennials at nearly 10%. In addition, the 18-29 and 30-39 age groups hold the largest percentages of student loans at 27% and 13%, respectively, while mortgage debt averages 72% for age groups between 30 and 70+. A CBS report adds that 43% of people between 25 and 29 have student debt today, a substantial increase from 28% in 1993. Furthermore, only about 45% of 18- to 34-year-olds consider themselves financially independent from their parents, and 57% of those aged 18 to 24 are living with their parents, up from 53% in 1993.
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57% of those 18 to 24 are living with their parents, compared with 53% in 1993, per CBS.
43% of people between 25 and 29 have student debt today, up from 28% in 1993, per CBS.
Only about 45% of 18- to 34-year-olds described themselves as completely financially independent from their parents, per CBS.
As of 4Q2023, 18-29 and 30-39 age groups had largest percentages of student loans at 27% and 13%, respectively ... mortgage debt averaged 72% for groups 30-70+ @NewYorkFed @DataArbor https://t.co/px8Oz9mc6E
As of 4Q2023, Gen Z had highest percentage of auto loans transitioning into delinquencies (nearly 12%), followed by Millennials (at nearly 10%) @NewYorkFed @DataArbor https://t.co/4asXlyyaSB
A trend to keep an eye on: Auto loans in serious delinquency (90+ day) picked up in Q4 of 2023. Currently at highest point in more than a decade. (Source: @NewYorkFed, via @LizAnnSonders) https://t.co/F8m2ZjKdsP
Auto loans in serious delinquency picked up in 4Q2023 to highest in more than a decade per @NewYorkFed data https://t.co/9aZT1POTK4