The trend: In June, we covered how Gen Zers intended to prioritize planning for summer over their financial futures. They said they would return to their finances when summer is over but spend more on nonessentials in the meantime. CIT Bank’s 2025 summer vacation survey reveals they did just that.
The findings: Over half of Gen Zers (54%) and millennials (56%) planned to take a summer vacation, while under half of Gen Xers and baby boomers (47% and 37%, respectively) said the same. And they aren’t traveling on a tight budget:
- Around 45% of Gen Z and millennial travelers expected to spend $5,000 or more, versus only a third of Gen Xers and 23% of boomers.
Meanwhile, 43% of all respondents said they’re paying more for essentials than last year at this time, while just 15% said they’re spending less. That means savings are being squeezed from all sides.
What this means for banks: As we near the end of summer travel, financial institutions should prepare campaigns that advertise budgeting and savings products that can help their customers get back on track financially. Such products could include: