Wanderlust is strong among Americans, so much so more people are saving their money for travel than for any other purpose—even outranking those that are critical like emergencies and retirement.
According to SunTrust Banks’ latest National Financial Confidence Poll, 45 percent of respondents ranked travel as the number one reason for saving. Building up savings and putting aside money for retirement were the second and third most common priorities (37 percent and 30 percent, respectively).
An almost equal number of those surveyed indicated they are saving to buy a house (21 percent) or a car, truck or motorcycle (20 percent).
Somewhat surprisingly, the top reason for saving doesn’t vary by generation—the young and the old have the travel bug. However, Millennials are feeling it a little more severely. Almost half (47 percent) want to travel more than they want to save for anything else, compared to 38 percent of respondents from the Silent Generation.
Ironically, SunTrust noted in its report, “Although Americans are prioritizing travel savings, about one-third of those surveyed report regularly feeling stressed about money or finances.”
So stress is intensifying the desire to getaway, but taking a trip is likely to contribute to added financial hardship, which in turn will lead to more stress… yikes, America.
Unfortunately, vacationing doesn’t spawn financial confidence, SunTrust points out. And those who are financially confident are more likely to be happier, to give charitably and to experience satisfaction stemming from the freedom to make life choices—like the choice to travel.
“Those who report feeling less stress about money or finances have a higher financial confidence,” Keith Lerner, SunTrust managing director and chief market strategist, said in a statement.
“Mastering one’s finances is the key to financial confidence,” he added. “While income plays a part, living on a budget, managing debt, saving regularly—for both personal interests and emergencies—and planning for retirement are all key drivers of financial confidence.”
Jessica Claeys is an editor, writer, and graphic designer, who has been creating both print and digital marketing and communications content for 10+ years.
Jessa Claeys is a licensed insurance producer in the state of Colorado and an insurance editor for Bankrate. She currently covers auto, home and life insurance with the goal of helping others secure a healthy financial future. Jessa has over a decade of experience writing, editing and leading teams of content creators. Her work has been published by several insurance, personal finance and investment-focused publications, including BiggerPockets, 401(k) Specialist, BP Wealth and more.