Study: More Millennials Saying No to Credit Cards

According to a survey conducted by Bankrate

, more than 60 percent of millennials are opting to go without a credit card, compared to 35 percent of Americans over the age of 30.

Jeanine Skowronski, an analyst at Bankrate.com credits a shaky economy and

ad-wrapper amp_ad_1 ampforwp-incontent-custom-banner ampforwp-incontent-ad1"> mounds of student loan debt as factors in scaring millennials away from opening up a credit card. Currently, millennials face an unemployment rate that’s twice as high as other generations and they have an average student loan debt of $26,000.

While avoiding credit cards may sound like a logical move to keep young professionals from entering debt, they can also be a move in the right direction to helping millennials establish financial responsibility.

“The responsible use of credit cards is one of the easiest ways to build a strong credit score, which is essential for qualifying for insurance policies, auto and mortgage loans, and sometimes even a job,” Skowronski tells CNN.

Currently, less than half of millennials with a credit card pay their balance in full each month, which can be an indication that they’re using their credit cards to fund expenses that they usually can’t afford.

“It’s a mindset switch,” adds Skowronski. “Millennials need to approach a credit card as a way to make payments and pay off balances rather than a debt instrument.”