MOST AMERICANS PLAN TO CONTINUE SPENDING AT LEAST THE SAME ON TRAVEL, ACCORDING TO A NEW REGIONAL REPORT FROM JENIUS BANK. The report indicates that consumers view “wealth” as the balance between managing expenses and enjoying life and growing their wealth.
Approximately 29.3% of Americans refuse to cut back on travel despite its nonessential status, according to a report from Jenius Bank. Additionally, 20.1% of consumers’ largest single payment in 2023 went toward vacations.
The study, “The Mind-Money Connection: How Managing Your Finances Can Make You Happier,” reveals how consumers’ financial situations are linked to their mental health and well-being.
“We are deeply committed to identifying ways to help Jenius Bank customers feel more secure with better products and features that help minimize or alleviate common financial stressors,” said John Rosenfeld, president of Jenius Bank.
The report, based on a survey of more than 4,000 U.S. consumers, comes at a time when Americans face significant financial challenges, including persistent inflation, rising debt and retirement uncertainty.
More than 50% of respondents reported that finances cause stress, anxiety or depression.
Many people are willing to make sacrifices to afford the lifestyle they want, but some areas remain non-negotiable, the survey found. According to data from Jenius Bank, 30.1% of respondents refuse to give up media and entertainment subscriptions, 21.3% won’t cut out travel, 26.9% will cut out health and wellness and 26.7% will cut out social activities.
“When you feel financially secure, it helps boost your confidence and peace of mind,” said Julie Guntrip, head of financial wellbeing at Jenius Banks. “On the flip side, financial stress can have a huge impact on your mental and emotional health. It’s crucial that banks recognise this connection between financial and mental wellbeing, and that starts with ensuring consumers have the knowledge they need to help them live richer lives.”
About 53% of respondents think about their financial situation daily, the survey showed. Meanwhile, about 78% plan to adjust their spending habits in 2024, including tracking income and expenses to save more. The importance of planning has increased, with 80% intending to set financial goals in 2024, up from 56% in 2023.
Despite the concerns, respondents remain hopeful, the report said. About 36.3% believe the economy will improve in the next six to 12 months and ease their financial stress, while 32.9%, the largest percentage, expect their finances to improve after the election.
A recent study by Expedia found that about 53% of Americans plan to forgo some vacation time this year, despite having the fewest annual days off, 12, compared to other countries. Vacation deprivation in the U.S. hit an 11-year high at 65%, even as the global decline continues.
