Report: Travel remains a top priority for U.S. consumers

MOST AMERICANS PLAN to keep spending at least the same on travel, according to a recent Jenius Bank report. The report indicates that consumers view “richness” as balancing expense management with enjoying life and growing their wealth.

Approximately 29.3 percent of Americans refuse to cut back on travel, despite its non-essential status, according to the Jenius Bank report. Also, 20.1 percent of consumers’ largest one-time payment in 2023 was for a vacation.

The study, “The Mind-Money Connection: How Managing Your Finances Can Make You Happier,” reveals how consumers’ financial situations are linked to their mental health and wellbeing.

“We’re deeply invested in identifying ways to help Jenius Bank customers feel more secure with better products and resources that help minimize or alleviate common financial stressors,” said John Rosenfeld, Jenius Bank’s president.

The report, based on a survey of more than 4,000 U.S. consumers, comes as Americans grapple with significant financial challenges, including persistent inflation, rising debt and retirement uncertainty.

More than 50 percent of respondents reported that finances cause them stress, anxiety, or depression.

Many people are willing to make sacrifices to afford their desired lifestyle, but some areas remain non-negotiable, the survey found. According to Jenius Bank data, 30.1 percent of respondents refuse to give up media and entertainment subscriptions, 21.3 percent won’t cut back on travel, 26.9 percent on health and wellness and 26.7 percent on social activities.

“When you feel financially secure, it helps to boost your confidence and peace of mind,” said Julie Guntrip, Jenius Banks’ head of financial wellness. “On the flip side, financial stress may take a heavy toll on your mental and emotional health. It’s crucial for banks to recognize this connection between financial and mental wellbeing, and that starts with ensuring consumers have the knowledge they need to help live richer lives.”

Around 53 percent of respondents think about their financial situation daily, the survey showed. Meanwhile, about 78 percent plan to adjust their spending habits in 2024, including tracking income and expenses to save more. The importance of planning has risen, with 80 percent intending to set financial goals in 2024, up from 56 percent in 2023.

Despite concerns, respondents remain hopeful, the report said. About 36.3 percent believe the economy will improve in the next six to 12 months and ease their financial stress, while 32.9 percent, the largest percentage, expect their finances to improve after the election.

A recent Expedia study found that about 53 percent of Americans plan to forgo some vacation time this year, despite having the fewest annual days off, 12, compared to other countries. Vacation deprivation in the U.S. has hit an 11-year high at 65 percent, even as it decreases globally.