Rikki Schlott
Opinion
Gen Zers at Coachella might rack up the likes but too many are also racking up debt.
Getty Images for Coachella
Gen Zers are becoming jet setters — even if they don’t have the finances to justify it.
According to a new survey from Morning Consult, more than half of Gen Zers aged 18 to 26 are “frequent leisure travelers,” meaning they take three or more trips for fun in a given year.
Despite being relatively lower income and having accrued less savings, Zoomers’ travel habits are neck and neck with their millennial counterparts, and outstrip Gen X and boomers—of whom 14% and 35% are frequent travelers respectively.
Of these regular Gen Z travelers, 61% are making less than $50k a year, and only 11% are pulling in 6 figures. It’s no surprise, then, that many of them are stretching themselves thin to cover all the expenses.
As a Gen Zer myself I’ve seen my contemporaries shell out on countless trips, whether it’s Spring Break, Coachella, or Paris.
While I can understand that losing out on formative years during the pandemic gave some Zoomers a travel bug, I worry that many of my peers are spending with little regard for their financial future.
In fact, according to a Credit Karma survey, 49% of Zoomers have even gone into debt to finance summer travel.
The bottom line: Gen Z is traveling far more than they can afford to.
Going into debt for travel is a trend that Gen Z finance influencer Queenie Tan, known online as @investwithqueenie says concerns her—but sadly doesn’t surprise her.
“I actually have a few…
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