Student loan repayments are affecting the holiday budget for Gen Z and Millennials. Both students and graduates are not only struggling to travel for the holidays, but things like decorations and even holiday meals are on the chopping block since payments were re-instated in October. However, some young people, particularly parents, feel they can’t make certain spending sacrifices, which just makes their looming debt more stressful. This financial burden is generational, as a survey from the U.S. News and World Report shows 75% of former college students dealing with student loan debt are facing reduced holiday budgets. While there’s reports that a third of young adults can’t afford to go home for the holidays due to student loan debts, YPulse data shows young consumers still plan to spend more than last year on gifts this holiday season. (The 19th News)
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