Research suggests younger generations are choosing to go into debt - all for the sake of fun and travel. “No-budget” travel, glamorised on social media, involves travelling without a strict budget, leading to overspending and accumulating debt. This trend has gained traction in recent years, especially after the pandemic lockdown and the rise of digital nomads and travel influencers.
Numerous surveys and studies by finance websites and organisations show that younger travellers are risking debt for a good vacation. For instance, surveys from Wallethub, Credit Karma, Bankrate, and Bank of America reveal that at least 25% of Americans find it reasonable to accumulate debt for a trip, whether domestic or international. Bankrate’s report, which surveyed 2360 US adults online from March 18 to 20, shows that this trend is most popular among the younger generation, with 47% of millennials and 42% of Gen Z leading the charge.
Similarly, Credit Karma’s survey found that 40% of Gen Z and millennial travellers prioritise paying for travel over managing their finances..
