Does being older make you financially wiser?

 
Does being older make you financially wiser
With age comes experience, but does financial wisdom follow suit? We uncover the answer to this age-old question.

Veda is Australia’s leading credit reporting agency, so they probably know a thing or two about the credit status of Aussies. And according to their latest research, the older you are the higher your credit score is likely to be. So bring on the wrinkles and the greys - every silver hair has a lining. 

What exactly is a credit score? 

Your credit score informs a financial institution if you are a low or high risk borrower based on your financial behaviour and history. 

How is my credit score worked out? 

Every time you borrow (or request to borrow) money your behaviour is tracked. For example, if you’ve defaulted on repayments or the status of your ‘credit shopping pattern’ - how many lenders you’ve requested to borrow from. 

Did you know? Even shopping around for credit can affect your credit history. Careful where you click!  

The older you get, the better you are with finances. 

In October 2015, Veda released their annual Australian Credit Scorecard which unveiled interesting statistics about the different financial attitudes of the generations.

As you get older;

1: the less risks you face.
Only 3% of the Silent Generation (born pre-1945) are at risk of financial trouble in the next 12 months compared to 6% of Baby Boomers (born 1945 - 1960), 13% of Generation X (born 1960 - 1980) and 18% of Millennials (reached adulthood in 2000).   

2: the more likely you are to pay bills on time. 
84% of the Silent Generation always pay bills on time, compared to 61% of Generation X. 

3. the higher your credit score.
The national average VedaScore (Veda’s credit rating from 0-1200) of the Silent Generation is 919 compared to the Millennial’s average of 682. 

Stop ignoring your credit score!

89% of us have never checked our credit score. Get it together, Australia! If you don’t know your credit score, you can’t prepare for the future. You might be turned away for that dream house mortgage. You might be denied a loan for that car you really need. Find out your credit score today and you can take immediate steps to improve it and secure your financial future.
 
Find out your credit score at getcreditscore.com.au.