There are certain milestones that people want to achieve before hitting retirement, and new research finds that many think travelling is more important than marriage, having children, and home ownership.
A survey by Flash Pack, a travel company geared towards solo travelers, analyzed data from 1,000 people aged 30 to 49 and asked them what matters to them right now. Fifty-four percent of participants said that they’d rather spend money on experiences than save for a house. Forty-four percent said they would prefer to have an amazing experience prior to getting married or having children.
Eighty-four percent wouldn’t hesitate about spending $4,000 on a trip of a lifetime, while 66 percent said spending the average of $33,391 on a wedding would make them pause.
The study, via The Ladders, also found that while many enjoy travelling with friends and family, 62 percent like travelling solo.
A successful career is also important to those in their 30s and 40s. Forty-three percent said they want job advancement before tying the knot or starting a family. Participants also stated that having a dream job is three times more enticing than having kids.
The study also asked participants about their thoughts on the future. Eighty percent said that watching elderly family members age and cope with health problems makes them want to enjoy life in the moment and spend retirement savings sooner rather than later.
One of the reasons that travel may trump other life events is because 88 percent of respondents worry that by the time they retire they won’t be able to take many vacations. Fifty-five said they fear they won’t have enough money, and 53 percent said they’re unsure they will be healthy enough to do so.
While many people aged 30 to 49 are more geared towards spending money now rather than saving for retirement, it’s important to continue to put money away for the future—for both retirement and emergency scenarios.
In addition, with a little research people can find ways to travel without spending an exorbitant amount of money. There are many websites and other resources available about budget travel. The key is to find balance and figure out a way to have fun now while simultaneously creating financial security for the future.
