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39 Million Americans Can’t Afford a Summer Vacation - ABI

According to a new Bankrate survey, an estimated 39 million Americans won’t be taking a summer vacation this year because they can’t afford one, Yahoo Finance reported. While just over half of American adults are planning to take some sort of trip during the summer months, a whopping 48 percent are either definitely not taking one or haven’t decided yet. The biggest factor is cost. Vacations typically cost just under $2,000 on average. One of five of those who say they can’t afford a vacation explain that paying down debt is the biggest thing standing in their way. So racking up more debt for a little R&R is clearly not a good idea. While the national average for summer vacation spending is $1,979, that number varies depending on where you call home. Those living in the western part of the U.S. can expect to spend more at $2,265 on average, while Midwesterners are looking at a much lower average of $1,607. The Northeast, at $2,079, and the South, at $1,943, hew a bit closer to the national average. Age is also a factor. For millennials between the ages of 30 and 38, the average shoots up to $2,366, while those between the ages of 23 and 29 are expected to spend just $1,297 on average. As for older adults and retirees, a smaller share of adults over the age of 55 are planning to take a vacation, with just 47 percent gearing up to his the road this summer, and 55 percent of those not taking a vacation say that it's because they can't afford it, while 26 percent cited health concerns as the main deterrent.

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