Now that summer has officially begun, you may start noticing your office looking a little empty, with all the people heading out on summer vacations. But it turns out there are a lot of people who won’t actually be going away in the coming months, and there’s one major reason why they’ll be stuck in the office - money.
A new Bankrate survey finds that 49% of Americans don’t plan to take a vacation this summer, with 24% of people saying money is one of the reasons. When only allowed to choose one reason for not planning a getaway, 50% of those not taking a vacation say they are staying home because they can’t afford it, while other reasons include:
- Family duty (25%)
- Can’t take time off work (22%)
- Other vacation plans (6%)
- Health/age (4%)
- Don’t want to (4%)
So if money is such an issue, how much are vacations costing most people? Well, the survey finds that the median cost is about $1,000, although Millennials are likely to spend less. About 27% will spend between $1 and $500, while 25% will spend between $500 and $1,000, 21% will spend between $1,001 and $2,000 and 25% spending over $2,000.
- And as we’ve heard many times before, most folks don’t actually use all their vacation days each year, with the survey finding that only 36% of those with paid time off say they plan to use all of their days, while 13% don’t plan to use any of them.
Source: Bankrate