First Tech Federal Credit Union Finds People in Tech Carry 45% Less Credit Card Debt than Members in Other Industries
SAN JOSE, Calif. and HILLSBORO, Ore., Dec. 13, 2023 /PRNewswire-PRWeb/ -- This year, technology layoffs have surged past 240,000 globally, a 50% increase from 2022, but new data suggests people working in tech are managing finances more effectively, according to First Tech Federal Credit Union, the banking partner for tech innovators. The new insights are based on an analysis of First Tech's nearly 700,000 members, including many people working in the tech industry. The data shows tech-based members have 45% less in credit card debt than their non-tech counterparts - and while credit card balances for non-tech members are up 25% year-over-year, tech-based members only saw a 4% increase in credit card balances during the same period.
- The new insights are based on an analysis of First Tech's nearly 700,000 members, including many people working in the tech industry.
- The data shows tech-based members have 45% less in credit card debt than their non-tech counterparts - and while credit card balances for non-tech members are up 25% year-over-year, tech-based members only saw a 4% increase in credit card balances during the same period.
- The data shows tech-based members have 45% less in credit card debt than their non-tech counterparts - and while credit card balances for non-tech members are up 25% year-over-year, tech-based members only saw a 4% increase in credit card balances during the same period.
- However, tech members show healthier balances, with 167% more in their checking accounts than non-tech members, with an average balance of over $16,548.