Travel on the back burner

BLOOMINGTON, III As Americans gear up for the summer travel season, they face the challenge of making vacation dreams come true in the face of financial realities.
The latest Country Financial Security Index finds Americans value leisure travel highly, but they draw the line when it comes to making sacrifices, such as taking a lower paying job that offers more vacation days.
If given the choice, 49% of Americans would put off retiring for a year if it meant they could take a dream vacation, but they were less willing to take a lower paying job that might offer greater travel flexibility.
Millennials (ages 18 to 29) are significantly more willing to make sacrifices for travel, with 68% opting to put in an extra year of work.
inside no 6Those in or approaching retirement (ages 50 to 64 and ages 65+) are the least willing to entertain the idea (41% and 32%, respectively).
While they don’t mind working an extra year, the overwhelming majority of Americans say “no thanks” to taking a pay cut in order to take that dream vacation.
Only 11% of survey respondents would swap their current job for a lower paying one if it meant they could have more time to travel.
Again, more Millennial respondents are the most willing to swap a big salary for travel time, with 15% saying they would take a lower paying job.
“As financial realities set in over time, it becomes harder for Americans to prioritise their dreams of travelling,” said Troy Frerichs, director of investment-wealth management. “As retirement approaches, older generations have a harder time justifying financial sacrifices for vacations.”
An overwhelming majority of Americans say travelling is a core value (62%). Yet, many feel it’s not possible for a middle-class family to take a vacation without going into debt (44%). Another 40% say lack of funds stopped them from packing their bags.
Vacations are still highly valued even among those who can’t afford them. Of the people who don’t have the funds, 83% still feel it’s important to travel. More than half of those cash-strapped households stayed home instead of taking off. Money is just one reason people don’t travel.
12% are too busy at work
12% have a hard time coordinating family schedules
10% report family obligations get in the way
Planning Ahead Helps Bridge the Gap
Less than half (44%) of the Americans who took an annual trip set aside money in advance to fund their vacations.
The Country Financial Security Index started in 2007 to measure Americans’ sentiments of their personal financial security.
It is based on responses from approximately 1,000 US adults.

sourced:ttrweekly.com