The summertime blues are hitting early this year—apparently before the season even starts.
According to a new survey, more than a quarter (26 percent) of Americans are not planning any summer getaways with another 22 percent saying they are still on the fence about taking one.
Bankrate.com polled more than 2,500 adults across the country for the study and found affordability at 60 percent was the major reason why.
Respondents cited day-to-day bills at 44 percent and paying down debt at 22 percent as the two most common inhibiting factors.
The findings, according to Bankrate are in line with previous surveys that found 29 percent of American household have more credit card debt than they do savings and 40 percent of them don’t even have $1,000 saved.
Of the generations polled, Gen Xers at 74 percent, were most likely to cite money as a reason for not traveling followed by the silent generation at 48 percent and younger millennials at 29 percent. Only 20 percent of baby boomers said cost was an issue.
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Here are the reasons why some Americans are not taking a vacation this summer
1. Can’t afford it – 60 percent
2. Can’t take time off work – 9 percent
3. Family obligations – 13 percent
4. Health/age -15 percent
5. Other – 5 percent
6. Vacationing another time – 6 percent
View more information: https://www.foxbusiness.com/personal-finance/1-in-4-americans-are-ditching-summer-vacation-this-year-heres-why