A study by WalletHub has found that a large proportion of the population will skip a winter holiday this year because of finances.
WalletHub CEO Odysseas Papadimitrio said: "It should be no surprise that 33 million Americans say they can't afford to travel this winter. Even though unemployment is near record lows and the stock market is near record highs, there are a lot of things weighing on consumers financially right now. Many cardholders are racking up credit card debt at a pace reminiscent of the run-up to the Great Recession. Student debt clearly is a problem."
Meanwhile, a previous study revealed Gen Z thinks spending money on travel is more important than anything else.
A total of 52 per cent of people surveyed in the 16 to 24 age bracket think travel is always worth spending money on whilst nearly two thirds (65 per cent) of Gen Z respondents said travel and seeing the world was the most important thing to spend money on, followed closely behind by property and higher education and professional training, which was rated highly by 60 per cent.
Social researcher Mark McCrindle said: "Young people experience many financial pressures today so parents are playing a key role in helping their adult children save, study and now travel.
"When it comes to travel, having a close relationship with mum and dad can clearly have significant benefits - both emotional and financial."