A new TransUnion study of Millennials’ relationship with consumer debt reveals that this generation differs from older generations in their financial behaviors and motivators — and they do so in ways that are of particular interest to healthcare revenue cycle professionals.
InsideARM highlights some key findings of the study:
- Millennials lag in credit participation and differ greatly from Gen X in their use of credit cards 2. Millennials open fewer credit card and mortgage accounts, but open more auto and personal loans than Gen X
- Subprime Millennials’ credit performance is worse than Gen X subprime consumers
- Millennials are less likely to fully pay out-of-pocket medical expenses
That last point is important. Although as a generation, Millennials are overwhelmingly insured, they are especially slow to pay the balance on their healthcare bills. Results from the study reflect that in 2016, almost three-quarters of Millennials did not pay their medical bills in full, compared to 68% of Gen Xers and 60% of Baby Boomers.
Also interesting is the problem is only getting worse: In 2015, 68% of Millennials did not pay their bill in full, up from 65% in 2014.
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