Millennials are investing and saving for travel – survey

A new survey shows large numbers of GenZers and Millennials are investing and saving their hard-earned cash for travel

Millennials are investing and saving for travel – survey. Source: unsplash.com

A new survey from Ally Invest shows that when it comes to investing and saving, GenZers (47%) and Millennials (42%) are packing the piggy bank for a trip down the jetway.

Across all generations in the independent survey, travel turned out to be the second most commonly identified motivating factor for saving and investing at 38%, just behind the broader goal of achieving financial freedom at 47%. That means for many, snapping an instagrammable moment might outrank investing for the care of a spouse/partner (32%), healthcare costs (30%), their children’s future (30%), early retirement (28%), children’s education (21%), taking care of their pets (14%), and ability to open their own business (11%).

People are working harder than ever, and there is no better way to enjoy your well-earned time off than by seeing the world. But, it's also clear consumers are serious about saving for the future and ensuring they'll have the financial freedom to live well throughout their lives. At Ally, we believe you can have your cake and eat it too. We are here to help consumers with the travel bug get to the Eiffel Tower or even Machu Picchu, without stepping on their nest egg
Lule Demmissie, president of Ally Invest, the wealth management arm of Ally Financial

Nearly three-fourths of Americans surveyed say investing is one of the most important things that they do.

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