Most Americans plan to continue spending at least the same amount on travel in the future, according to a recent report from Genius Bank, which suggests that consumers see “affluence” as a balance between controlling spending, enjoying life, and increasing their wealth.
Some 29.3% of Americans are refusing to cut back on travel, even though it’s non-essential, according to a report from Genius Bank, and 20.1% of consumers’ largest one-time payments in 2023 were for vacations.
The study, “The Mind-Money Connection: How Managing Your Money Can Improve Your Happiness,” reveals how consumers’ financial situations are linked to their mental health and well-being.
“We are committed to finding ways to provide better products and resources that help minimize or reduce common financial stresses and give Genius Bank customers more peace of mind,” said John Rosenfeld, president of Genius Bank.
The report, based on a survey of more than 4,000 U.S. consumers, comes as Americans grapple with significant economic challenges, including persistent inflation, mounting debt and retirement uncertainty.
More than 50% of respondents reported that money problems caused them stress, anxiety, or depression.
The survey found that while many are willing to make sacrifices to live the lifestyle they want, there are some things they won’t compromise on: 30.1% of respondents refuse to give up their media and entertainment subscriptions, 21.3% travel, 26.9% health and wellness, and 26.7% social activities, according to data from Genius Bank.
“Feeling financially stable leads to greater self-confidence and peace of mind,” says Julie Guntrip, head of financial wellness at Genius Banks. “Meanwhile, financial stress can take a toll on mental and emotional health. It’s critical that banks recognize the connection between financial health and mental health, and that starts with making sure consumers have the knowledge they need to live a more prosperous life.”
According to the survey, about 53% of respondents think about their financial situation every day. Meanwhile, about 78% plan to adjust their spending habits, track their income and expenses, and increase savings in 2024. The importance of planning is growing, with 80% planning to set financial goals in 2024, up from 56% in 2023.
Despite concerns, respondents remain hopeful, the report said: Some 36.3% believe the economy will improve and financial stress will ease over the next six to 12 months, with the most likely 32.9% expecting their finances to improve after the election.
According to a recent survey by Expedia, about 53% of Americans plan to skip vacation this year, despite the country having the fewest vacation days per year (12). While vacation shortages are decreasing globally, in the U.S., the shortage has reached an 11-year high of 65%.
