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December is one of the more expensive months to exist as a human if you participate in any holiday traditions. For the financially stable, the holidays are a time to take risks but for others, it may mean unplugging entirely.
A recent survey from financial management app Cleo found that nearly half (48%) of Gen Zers would rather spend the holidays alone than go into debt because of them. For those who want to participate in the festivities, 50% plan to use high-interest credit cards or buy now, pay later to keep up during the holidays.
- Between Thanksgiving and the new year, 39% said they will use their savings in order to stay afloat.
But that doesn't mean Zoomers aren't willing to spend money at all. Despite the financial hardship broadly felt among the cohort, more than half (53%) said they prefer to use rideshare apps, prioritize beauty and hair appointments (52%), or get takeout coffee (43%) over being financially stable.
- “While there is also a concerning rise in the number of young people turning to risky techniques to manage their money, their priorities for spending are focused on things that bring immediate gratification instead of long-term financial goals,” Cleo VP of Marketing Roxanne Nejad said in a statement.
Cleo user spending data from last December shows that Zoomers spend most of their money on travel; BNPL; phone, internet, and streaming bills; and rideshare apps during the holidays.