Traveling to exotic places is one of the things Millennials save their money for. But it seems like they can’t wait to travel as they throw themselves into the pit — that is, being financially in debt, say the surveys.
‘A generation of experience’
Millennials are willing to go into debt for wanderlust. (Image: via Pixabay)
Unlike older generations, Millennials are more inclined to accumulate experience than to own material things. When, where, and how you’re going to travel always depend on money. Millennials are known to be travel-seekers, a generation where experience is valued more than material things. As reported by Virtuoso Luxury Traveler, 66 percent of Millennials believe that traveling is an important aspect of life. With such an outlook in life, they’re itching to take any means to get away from home and get lost in someplace new and exciting.
In another study released by 2017 Portrait of American Travelers, 33 percent of Millennials said that, for the next two years, they plan on using traditional travel agent services for traveling, which is a stark difference between Gen Xers (17 percent) and Baby Boomers (18 percent).
Airbnb’s study also proved just how vital traveling is to this generation — it is more essential than ownership. In fact, respondents from the UK, the United States, and China ranked it higher than buying or owning a new home.
In their young adult lives, they seek the pleasure of finding new things to see, new ideas, as well as new memories in places they’ve never been to. But money will always be the end of the bargain.
How can one travel without having the funds to pay for places to eat, sleep, and visit? For most people, they’ll put the idea of a vacation on hold until they save enough for the trip. But the rest dive right in without proper planning.
Craving for travel
Travel is an essential part of life, say Millennials. (Image: via Pixabay)
In the latest survey conducted by Vrbo with the help of Ipsos, it is revealed that Millennials won’t compromise trips for a lack of money. Rather, they’re willing to go into debt for the sake of travel experiences. Compared to Gen Xers (27 percent) and Baby Boomers (15 percent), Millennials are willing to go into debt for wanderlust.
Moreover, 45 percent of Millennials will take a trip purely for exploration this year, as opposed to older generations who want to indulge in the activity to celebrate special occasions like an anniversary or birthday. Half of the respondents actually have trips planned for this year, and they will be using the moment to unwind and relax.
Karen Fuller preaches that people should forget their notion about “Millennials traveling on a shoestring.” The Vrbo survey just reinforces the idea that they prefer experiences more than material things, and even money won’t stop them from having their “travel fix.”
Though it may seem like the older generations differ from Millennials when it comes to “have-fun-pay-later adventures,” all three are in unison when it comes to their reason for taking a trip — to relax and enjoy the moment with loved ones.
Funding your trips
Millennials show a high probability to go into debt for their travel lifestyle. (Image: via Pexels)
Still, one shouldn’t put themselves financially at risk for the sake of enjoyment, especially if there are other important responsibilities. But if you’re a millennial and can’t keep yourself away from the travel bug, then there are ways to save yourself from bankruptcy.
Just a tip
First, always check for alternatives. Do your research first when booking and don’t jump on the first trip you find. Browse the Internet thoroughly for the best deal.
Second, consider house-sitting, or staying at a friend’s or a family member’s place when visiting a hotspot near them. Definitely, it is a plus if you’re meeting for some catch-ups.
Third, go with a friend on a road trip. It’s more fun if you’re sharing wonderful moments with the gang. Next, a vacation doesn’t need to be a month-long experience; you can experience so many things within a day, in fact.
And lastly, schedule your trip smartly and choose the perfect time fit for your schedule where you can go at a cheaper price.
Another thing you could possibly venture into is starting a travel blog. This way, you have the possibility to monetize content, like videos or blog posts, which you could use to accumulate enough to fund your trips.
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