A third of young adults can’t afford to go home for the holidays because of student loans. According to Credit Karma, since federal student loan payments resumed in October, “32% of Gen Z Americans — those ages 18 to 26 — with student debt say they won’t be able to afford to travel home for the holidays on top of their payments.” Plus, more than one in four young adult borrowers say their payments are making the holidays unaffordable altogether while nearly a quarter say they wish the holidays were canceled because of the cost. Just about two thirds say they’re planning to accrue debt this season and a third cite holiday travel as the main reason. We also know they’re planning on spending less on shopping this season, too: YPulse data shows that about a fifth of Gen Z and Millennial shoppers plan on spending less than they did last year. (CNBC)
