1 in 3 Gen Z borrowers cannot return home for the holidays

Some members of Generation Z may not be able to return home for the holidays this year.

As federal student loan payments resume in October, 32% of Gen Z Americans — 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, The latest Credit Karma survey was found.

More than 1 in 4 borrowers say their payments make vacations completely unaffordable, Credit Karma found. Nearly 1 in 3 borrowers say they are willing to cancel vacations because of the cost.

Among those planning to return home, many have their parents to thank. Just over a third of Gen Z members overall say they rely on mom and dad to pay for their travel.

However, receiving family assistance is not a reality for many. Credit Karma found that the majority of Gen Z, 66%, plan to take on debt for the holiday season. About 33% of those planning to take on debt cite traveling to see their family and friends as the reason.

“Although the holidays are often considered a happy time of year, they can cause a lot of financial stress for those struggling to make ends meet,” Courtney Aliff, consumer finance advocate at Credit Karma, tells CNBC Make It.

Although there’s often “no place like home for the holidays,” as the song says, that may not be possible for many young people this year. But there are several ways to ease the financial burden if you’re struggling.

“If you’re worried about money this holiday season, there may be some trade-offs you can make in order to have a semblance of a festive holiday,” says Alif.

For starters, the holiday season has come with side gig opportunities, like house sitting or temporary retail work. If you have free time, it can help you earn some extra cash to put toward gifts or travel.

You can also take advantage of the perks you’ve already earned. Nearly 40% of Gen Z travelers will use credit card rewards and points to pay for their vacation travel.

“If being with your family is your number one priority over the holidays, eliminate other holiday-related expenses like gift-giving if it means saving money for travel,” says Alif.

But, if traveling is simply out of the question, you can still find ways to spend a special day alone or with other local loved ones.

“If you can’t afford to travel home, treat yourself to a delicious meal, or join a friend whose family may be local,” says Alif.

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