One in nine Slovaks with overdue debts is in debt because of vacations.

This figure is higher than borrowing for purchases often considered essential, such as electronics, healthcare, or even groceries. The findings highlight a growing pressure to maintain a certain lifestyle, even at the expense of financial stability.

"In many cases, holiday loans are not driven by necessity but by a desire for a lifestyle that is currently out of reach," notes Peter Čanda, a manager at EOS KSI Slovakia. "This is a notable trend of our time, fueled by advertising and social media, where a short-term experience is financed at the expense of future financial security."

The EOS KSI Slovakia survey results show which groups are more likely to take on debt for a holiday:

• Gender: Men are twice as likely as women to borrow for this reason.
• Age: Young people aged 18 to 33 are a key group, with approximately one-fifth borrowing for a holiday. The second highest-risk group are those aged 50 to 65, even though their primary debts are often related to housing.
• Region: There are significant regional differences, with the Žilina region showing the highest rates of holiday-related borrowing.

The pressure to fund a holiday is most acute among middle-income households. Approximately three out of ten defaulting payers with a net monthly household income between €1,401 and €1,800 borrowed for a holiday. For those earning between €1,801 and €2,500, this figure rises to four out of ten.

In contrast, households with a monthly income below €1,000 or above €2,501 reported no borrowing for holidays. This suggests that economically sensitive middle-income households feel the greatest pressure to take a holiday, even if it leads to financial strain.

For single parents with one child, a holiday loan is the most frequent cause of overdue payments. This group is not only the most likely to struggle with overdue payments, but 64% also report feeling stress or anxiety about their financial situation.

Interestingly, the rate of borrowing for holidays is similar across people with basic and university-level education. This suggests that financial decisions are often influenced more by a lack of financial awareness than by the level of education.

"We see that borrowing is often driven by a desire to keep pace with one's social circle. In these cases, a holiday becomes a matter of status," explains Peter Dvornák, CEO of EOS KSI Slovakia.

A short-term break can have long-term financial consequences. While the holiday itself lasts only a few days, loan repayments can stretch over months or even years, often with high interest rates.

"Taking a break is important for well-being, but it should never threaten the financial stability of an individual or a household," advises Peter Dvornák. "It is far more sustainable to choose a more affordable option, plan, and build a savings fund rather than borrowing and risking unmanageable debt."