Despite the importance Americans place on travel, only 15 percent place a high priority on saving for it, new research shows.
Transamerica Center for Retirement Studies, in collaboration with the Global Coalition on Aging, discloses this finding in “Journey to Healthy Aging: Planning for Retirement.” The survey of 1,500 U.S. adults ages 25 and older explores Americans’ dreams for traveling in retirement, what people are doing to plan and save for travel and linkages between travel and active living and healthy aging.
The report reveals that only 15 percent of survey respondents place a high priority on saving for retirement and just 12 percent have given it a lot of attention. Nearly two in 10 have explicitly factored travel into their retirement savings plan (4 percent have a dedicated savings account, while 14 percent have factored travel into their overall retirement savings plan).
Having sufficient financial resources is the number one consideration for travel, followed by logistics, such as finding the right time and place to go. Health considerations are relatively less influential, particularly for younger Americans and men; in preparing for travel, fewer than one in five respondents say they get more sleep, eat better, exercise more or see a doctor.
The survey notes that about six-in-ten (59 percent) Americans are satisfied with the balance of paid time off (PTO) and salary. One-quarter would take more salary for less time off, and 12 percent would take more time off for less salary.
Among the survey’s additional findings:
- Only about four in 10 (41 percent) Americans are confident that their current financial strategy will allow them to travel as desired in retirement.
- Although half of retirees (49 percent) would have done nothing differently in regards to planning for travel in retirement, the top two changes other retirees would have made are saving more for travel (25 percent) and budgeting expenses more wisely (18 percent).
- Most survey respondents are likely to cite time with family and friends (66 percent “very important”) eating well (65 percent), making time for things they love (63 percent) and staying physically active (60 percent) as drivers of long-term health and wellness. This is compared to 35 percent who cite travel as a very important driver.
- Travelers are more satisfied physically, emotionally and financially than non-travelers. Travelers are significantly more likely than non-travelers to feel satisfied about their mood and outlook and physical well-being. And retiree travelers are more likely than retiree non-travelers to feel satisfied with their ability to get things done.