Future Generation of Retirees Names Travel as Top Priority
by Kerry Tice /
Living in the moment seems to be the latest trend driving the travel choices of Americans in their thirties and forties. And the dream to purchase a home is taking a back seat to seeing the world.
These and other findings reveal a major shift in the priorities of this age group from previous generations. They come from a new study commissioned by solo group travel company, Flash Pack; and conducted by third party research firm, Mortar.
The company recently randomly selected 1,000 men and women across the U.S., ages 30-49, to participate in a study about their “life achievement timeline.” What they found is giving the term early retirement new meaning and will contribute to a campaign the company is initiating that focuses on “No More Not Yets.” The study takes a close look at the next generation of retirees, analyzing how their biggest “not yets” in life have changed from previous years, and what this group is and isn’t willing to put off until later in life.
Travel advisors take note
For travel advisors, the most notable finding of the survey is that traveling to new areas of the world surpassed marriage and career when it came to their bucket list priorities. While the latter two continue to be top life goals, the new results conclude that a greater number of people in their thirties and forties are willing to postpone these more traditional goals for later in life in order to experience the world now.
Another takeaway for travel professionals is that 84 percent of respondents wouldn’t think twice about spending $4,000 on the trip of a lifetime, while 66 percent would hesitate at spending the average $33,391 on a wedding.
“Over the last three years, we’ve seen an 87 percent increase in customers coming to us having postponed goals previously held up as important for this age bracket,” said Lee Thompson, co-founder of Flash Pack. “This isn’t to say that having children or settling down isn’t in the cards. Nowadays, it’s our thirties and forties where we can take stock, investing hard-earned salaries into amazing experiences that really will set us up for the next phase.”
Another interesting finding that is factoring into this “enjoy life now” mindset, according to the data, is a fear that retirement may not be all that it’s cracked up to be.
In fact, 80 percent of the respondents said their aging family members with ailments and restrictions makes them want to live for the moment and spend their retirement funds now, with 88 percent expressing fear that poor health and lack of funds might prevent them from traveling later.
Some other key highlights of the study include:
- Traveling the world was the number one bucket list goal, over marriage, children, career and owning a home.
- 54 percent said they would rather invest in experiences while they’re still young than save for a house.
- 43 percent would like to advance in their career before getting married and having children.
- Working in a dream profession is a goal that’s over three times more desirable than having children.
- 44 percent would like to have amazing experiences before getting married or having children.
- Respondents aren’t waiting around for friends to join them on their travels. Sixty-two percent said they’ve either considered booking a solo trip in the last year or have already traveled solo this past year.