This isn’t your typical National Lampoon’s Family Vacation.
Affluent Americans plan to spend an average of $13,249 on vacations this year, according to a study recently released from BMO Private Bank that profiles how high-net-worth Americans vacation.
The study, part of BMO’s Changing Face of Wealth series, reveals that affluent Americans (those with more than $1 million in investible assets) expect to spend an average amount of $2,900 per trip.
Many affluent Americans will go on as many as six vacations a year. In fact, the study finds that a majority (63%) plan to travel three times or more a year for pleasure.
Darrel Hackett, president of BMO Private Bank, believes this gives financial professionals an opportunity to get involved.
“Regardless of your income level, ensuring you are financially prepared for your trip will help you make the most out of your vacation, allow you to relax and escape the stress of everyday life,” said Hackett, in a statement.
“If you’re passionate about travel, a financial professional can work with you to develop a comprehensive wealth plan that includes a leisure component. This would take into consideration how often you’d like to vacation, and the type of overall experience you’d like to have – whether it is flying economy versus business class or staying in five-star accommodations.”
The study reveals quite a bit about high net worth Americans’ traveling habits, including that 77% of those surveyed choose to fly economy, and the rest (23%) choose business or first class.