Americans, crippled by debt and seeing signs of a slowing economy, are sitting out on pricey vacations and everyday leisure activities.
A new Bankrate survey found 42 percent of Americans decided not to take a vacation over the past year because of the cost. Nearly a third said they can afford a vacation less now than they could have five years ago, though 26 percent said they can afford to do so more now. More than two-thirds of U.S. adults opted out of a recreational activity due to the cost at some point in the past year, the study found.
You can’t blame them. Trade tensions have economists projecting the likelihood of a recession in the next 12 months at 35 percent. U.S. student debt is over $1.5 trillion. Almost 40% of Americans think the economy is “not so good” or “poor.”
Half of respondents said the activities they passed on were too expensive to begin with or not a good value, while 43% said they didn’t have enough money left over after paying everyday bills and 41% said they wanted to save money for other things.
Parents missed out most of all. More than three-quarters of those with kids under the age of 18 reported missing out on activities, versus 66 percent of non-parents.
The survey encompassed over 2,500 American adults online in July with figures weighted to be representative of all U.S. adults.