The various forms of debt wearing millennials down has caused many to start budgeting.
When most millennials start to budget, vacation and travel are usually at the top of the chopping block. According to a recent survey by DepositAccounts, millennials are skipping out on vacations for the simple reason that they can’t afford them. Everyone wants some time off every once in a while, but millennials are finding fewer chances to escape. The DepositAccounts survey revealed that the majority of millennials have skipped taking a vacation this year over financial concerns. This compares with just 35% of baby boomers who also skipped vacation time for financial reasons. Just under half of Gen Zers skipped vacationing to save money over the last year.
The younger you are (with the exception of Gen Z), the less likely you are to take a vacation. There are good reasons for this of course. If you want to travel on a budget, there are ways, but vacations are seldom cheap. The same DepositAccounts survey also came to the discovery that 34% have acquired vacation-related debt. About one in ten are currently in debt over this kind of debt. So, it’s no surprise that when millennials plan a vacation, the cost is the most important factor for 44.4% of them. The other leading factors for them are location, local activities, and travel time, in that order. Americans are generally becoming more frugal with their vacations as well, as 46% said they spend under one thousand dollars on them.