Dear Parents – You Have More Influence on Your Kids’ Finances Than You Think
Parents are the most likely source of credit score knowledge, according to Discover’s annual

According to Discover's annual
Parental influence is more prevalent for Gen Z, who cited both their parents (
Learned about the importance of maintaining good credit health… |
Gen Z |
Millennials |
Gen X |
Boomers |
Between 15-19 |
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In their 20s |
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From their parents |
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In high school |
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“Credit health may not be something people think about until they’re ready to hit life’s next major milestone – but the reality is that building a credit score is a long-term practice, rather than a single change,” said Stefanie O’Connell Rodriguez, a nationally-recognized personal finance author and speaker. “Receiving monthly credit checks through Discover’s Credit Scorecard* is an easy way to put that practice into motion and see exactly what factors are most impacting your credit score – so you can tweak your strategy over time to be sure you’re in a good credit position for life’s next big moment.”
Credit Scores and the Impact on Daily Lives
Discover’s survey also asked consumers what they wish they knew about their credit score when they were first starting out on their financial journeys. Thinking back,
Slightly more than half of millennials,
The Pandemic’s Impact on
According to Discover’s survey, people’s satisfaction with their credit scores slipped amid the pandemic, reaffirming the need to think about credit health early and often. This year, just over half,
Discover’s
Factors contributing to why people are checking their scores… |
Gen Z |
Millennials |
Gen X |
Boomers |
Wanting to maintain/stay on top of credit scores |
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Concern over identity theft |
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Wanting to improve their score |
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Intent to make a large purchase soon |
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Wanting to apply for a new credit card |
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“Americans are continuing to rebound from difficulties presented by the past year, and it’s encouraging to see people working toward better scores despite setbacks. At Discover, we understand everyone may not yet have perfect credit, and that’s why we’ve designed products and tools to help them on their journeys to brighter financial futures,” said
For more information about Discover’s offerings, go to discover.com.
About the Survey
A national survey of 2,000
About Discover
*FICO® Credit Score Terms: Your FICO® Credit Score, key factors and other credit information are based on data from TransUnion® and may be different from other credit scores and other credit information provided by different bureaus. This information is intended for and only provided to Primary account holders who have an available score. See Discover.com/FICO about the availability of your score. Your score, key factors and other credit information are available on Discover.com. Customers will see up to a year of recent scores online. Discover and other lenders may use different inputs, such as FICO® Credit Scores, other credit scores and more information in credit decisions. This benefit may change or end in the future. FICO is a registered trademark of Fair Isaac Corporation in
**Discover reports your credit history to the three major credit bureaus so it can help build your credit if used responsible. Late payments, delinquencies or other derogatory activity with your credit card accounts and loans may adversely impact your ability to build credit.
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224-405-0665
derekcuculich@discover.com
@Discover_News
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