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Gen Z enjoy splashing cash on travel and novel experiences more than their elders, but there’s a wealth of planning behind it all that ensures the savings pot isn’t empty.
The holiday season is entering peak times, and that means you won’t be able to move on Insta for stories of plane wings, small plates, and ocean vistas.
The inevitable pang of FOMO is largely sponsored by Gen Z, a generation who love to embrace the travel season more than most. If you haven’t previously asked yourself while scrolling the timeline: ‘How the f*** can they afford that?’ you’re a better person than me.
The perceived ‘phuck it’ attitude that is exuded by these lavish trips and dinners isn’t entirely reflective of the reality, however. Financial experts are increasingly pointing out that while Gen Z will splash out for novel experiences, they are mindful of overspending and smashing the nest egg.
Rather than frantically stockpiling for retirement like their predecessors, Gen Z has opted for a ‘soft saving’ approach, meticulously budgeting so that memorable experiences can be had while some money is put aside for the future.
On average, Zers will go on three leisure trips a year (I suddenly feel very boring), despite 60% of the cohort reportedly earning less than £37,000 annually. By toning down splurges on materialistic things and making use of loyalty programs such as credit card points, they’re able to sustain it.
For a large part of the generation, travel seems to be more a need than a want, and they’re finding resourceful ways of enjoying the finer things in life. Despite the stigma of being ‘pampered’ and pining for work-life balance, they’re clearly meticulous and sensible enough to support this choice.
