Gen Z is prioritising spending on travel experiences over traditional saving habits, even in the face of rising living costs. Many young people today would rather embrace the present than save up for an uncertain future.
Unlike past generations, young people are no longer waiting until they have a high annual income or a stable job to explore the world. Instead, they see travel as an essential part of personal growth and enriching their lives in ways that money alone can’t achieve. The belief that memories and experiences hold greater value than accumulating wealth in a bank account has become deeply embedded in the mindset of Gen Z.
In my case, I’ve found myself wanting to travel more, spend time with friends and family, and enjoy the ‘small luxuries’ like getting my nails done as a reward for my hard work. After all, if not now, then when?
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In my previous job as a check-in agent, I often spoke with passengers that encouraged me to enjoy my 20s as much as I could, telling me to “travel while you can” because “one day, you’ll wake up married with children, and you won’t have the same freedom to enjoy life.”
According to the latest data, Gen Zs in the UK take an average of three holidays per year, with over 50% classified as ‘frequent travellers.’ This growing desire to explore is largely influenced by social media, where platforms such as Instagram and TikTok provide endless inspiration for travel destinations.
Seeing influencers documenting their adventures has fuelled a sense of wanderlust among young people, making travel seem more accessible and desirable than ever before.
The COVID-19 pandemic further intensified this trend, as many felt they had missed out on key years of their youth due to lockdowns and travel restrictions. Now, they are making up for lost time, seizing every opportunity to explore the world.
However, this shift in priorities comes at a time of economic hardship. The cost of living crisis in the UK has significantly impacted young people, making financial stability harder to achieve. Many are struggling to budget effectively, feeling that their income barely covers basic necessities, let alone major financial milestones such as buying a house, getting married, or starting a family. These once-traditional goals are now seen as overwhelming financial burdens rather than aspirations, leading to a redefinition of success.
Recent studies reveal that around 47% of Gen Zs in the UK struggle to cover basic expenses due to rising prices, despite earning a relatively good salary. The financial pressure has contributed to an increase in stress, anxiety, and burnout, with some resorting to second or even third jobs just to make ends meet – especially those living in expensive cities such as London.
Given this reality, many feel that saving for years with no guaranteed outcome is pointless. Instead, they prefer to invest in themselves, whether through travel, self-care, or personal experiences, making the most of their hard-earned money while they still can.
I believe that enjoying your youth is what defines you. It’s a unique period of life and one that offers freedom from major responsibilities and the opportunity to explore, take risks, and embrace new experiences. The chance to discover the world and all it has to offer is priceless, and for many Gen Zs, that is worth more than anything money can buy.
