More than half of the millennials skipped taking a vacation this year and their reason is saddening. (Source: Getty/Thinkstock Images)How often do you find yourself dreaming of walking on the sands under a starry sky or brunching at a European street cafe? Everyone deserves a vacation, but a survey conducted by DepositAccounts has found that more than half of the millennials surveyed skipped taking a vacation this year.
Apparently, 55 per cent of millennials, 49 per cent for Gen X-ers and 35 per cent of Baby Boomers have not taken a vacation in the last year simply because they couldn’t afford one. DepositAccounts has taken a deep dive into vacation costs and their survey results shed light on vacation trends among Americans of all ages. Americans are doing their best to save, with seven in 10 reportedly saving for vacations, but still finding themselves short. Around 66 per cent of Americans wish they could save more for vacations, especially millennials.
“Every generation has its own particular quirks and characteristics. But it’s safe to say that everybody enjoys taking a vacation. While you might wonder why millennials are staying home and skipping vacation, the short explanation is, they simply can’t afford it. Cost is a major factor that dissuades millennials from planning a great escape. Our survey shows that across all generations, the cost is the most important factor when planning a vacation,” said the survey.
Moreover, 34 per cent of people from the survey said they have been in vacation-related debt and one in 10 is currently still in debt. Many Americans budget in order to make their vacation goals happen. About two-thirds (66 per cent) say they budget for their vacations. But only a little more than half (53 per cent) actually manage to stick to that budget.
“Age plays a role in explaining why baby boomers can afford more vacations, as this generation is heading into retirement with home loans likely paid off already. Millennials, meanwhile, are mired in student loan debt, saving for down payments on a mortgage and still working to increase their salaries. This combination of factors contributes to millennials’ struggle to afford vacations,” the survey added.
According to a 2019 study from Deloitte, the net worth of Americans ages 18 to 35 has dropped 34 per cent since 1996, with the average millennial net worth capping out at a little less than $8,000. Allocating more money towards vacations may not be possible when there are other large expenses to take care of. Deloitte also found that between 2004 and 2017, student debt has increased for consumers under 30 by 160 per cent.
