Credello: New Report Says Travel is Gonna Be Tough for Financially Stressed Gen Z and Millennials

Travel is a popular pastime for people of all ages, but with the economic downturn that younger generations face, taking a first-class trip seems to be less of an option.

According to a study by Razorfish in partnership with Vice Media Group, 47 percent of those in the Millennial and Gen Z generations reported cutting back on their travel budgets and are less willing to opt for financing their trips with a vacation loan. Many of those surveyed instead opt for having a barebones type of experience when taking a vacation, citing several reasons, including:

  • Rising costs
  • Fears of catching COVID
  • Lack of discretionary funds
  • Little flexibility for vacation time with their employers

Despite all this, young people are still aware of the importance of travel for mental health and gaining new worldviews. But how can they opt for a vacation while still being aware of the financial stresses they're likely to come home to? Here are a few ideas.

Why travel is so critical for your health

There are numerous reasons why traveling is so important for your health. First, it allows you to experience new cultures and meet people from all over the world. This can be very beneficial in terms of learning new things and expanding your horizons.

Additionally, traveling can help to improve your mental health by giving you a break from routine and allowing you to explore new surroundings.

Finally, travel can also help to increase your physical health by exposing you to different types of food and weather conditions. By taking advantage of all these benefits, it is clear why travel is such a critical part of your overall health regimen.

How to take a memorable vacation that's still budget-friendly

When planning your vacation, it is important to remember the amount of money you are likely to spend. Fortunately, there are a few ways that you can reduce your costs while still enjoying yourself.

  • Book travel as early as possible to get the best deals.
  • Travel off-season to take advantage of lower prices and more availability of rooms. 
  • Stay in hostels or camping sites to help economize on your travel expenses.
  • Consider taking a vacation closer to home and exploring nearby tourist attractions to save money on airfare and accommodation.
  • Pack lightly and take only the essentials with you on your trip. This will make packing and unpacking much more manageable and save you money on baggage fees.
  • Create a budget for your vacation and stick to it as much as possible. This will help you stay within your budget and enjoy the experience more.
  • Consider heading to locales that aren't tourist traps. Popular places like Disney World (Orlando, Florida), Cancun, and Las Vegas can be expensive for those unfamiliar with the area. Instead, try visiting a nearby town or city to get a more authentic experience at a fraction of the cost.

The bottom line

While young adults may have difficulty coming up with the funds needed for their travels, taking a vacation isn't impossible. Opting for shorter trips, staying in hostels, and using public transportation can help save money while still enjoying the experience of traveling.

Source: Credello

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Categories: Personal and Family Finances

Tags: Financial Services, Millennials, Personal Finance, Vacation Loans


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Credello is a mobile-first platform that simplifies financial decisions by providing users with personalized, on-demand recommendations—so they can choose the best solution with confidence.

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