New Travel Survey Finds Millennial Parents Are the Most Willing to Go Into Debt to Cure Cabin Fever

JERSEY CITY, N.J., June 30, 2021 (Newswire.com) - "Shot Girl Summer" is officially upon us, and millennials are gearing up for travel plans after spending the past 15 months or so at home. And a new study shows they won't let debt get in the way of getting away. 

A new Credello survey suggests that millennials overwhelmingly are willing to take on debt to travel this summer, despite a tumultuous time during the pandemic with many people losing jobs, relying on stimulus checks to get by, and dealing with a wacky economy that's recently seen historic inflation. 

Key insights from the survey include: 

• 45% of respondents have gone into debt for summer travel and would do it again, 23% haven't but would, and 32% say they would not go into debt for a trip 
• Top justifications for going into debt to travel: You only live once (YOLO) (31%), need a change of scenery after quarantine (31%), and they work hard/deserve it (30%) 
• Most respondents (76%) are only traveling domestically, with about a third of those staying within driving distance of home 
• About 54% of parents said they had gone into debt to travel and would again, while just 31% of childless respondents said they have and would

The online survey of 500 American millennials (ages 25-40), conducted on June 19, 2021, asked respondents nationwide a series of questions related to travel and debt, including what types of trips people consider worth going into debt for, how much debt people are willing to take on to travel, and how COVID-19 has affected their 2021 summer travel plans. 

About 58% of respondents said they're more likely to book a trip even if it puts them in debt post-COVID, but parents were even more likely to take on debt to hit the road (or air) in this "new normal." Additionally, about 65% of parents said COVID made them more likely to go into debt to travel, while only 43% of childless folks said they're more likely to take on travel debt in a post-COVID world. 

Other observations between parents and non-parents from the Credello survey include: 

• Parents are more prepared to take on debt: 51% of childless millennials said they would take on $500 or more in debt for summer travel, while 79% of respondents with kids have taken on or expect to take on at least $500 of debt for summer travel 
• More children equals more willingness to go into debt: 47% of respondents with three or more children have or are willing to go into $1,000-$4,999 of debt for summer travel, compared with 33% of millennials with one or two children and 18% of millennials with no kids 

While it seems most millennials are itching to get out of the house, it's millennial parents who are most willing to do whatever it takes to cure their cabin fever. 

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When using data in this survey, please credit Credello with link to: www.credello.com/financial-resources/summer-travel-survey/. 

For additional data requests or questions please reach out to media contact: Jen-Ai Notman, press@credello.com. 

Source: Credello