Tuesday, June 24, 2014
With long summer days consuming many people's thoughts, it may not be suprising to learn that vacation planning is of high importance to many. According to an Edward Jones study, vacation planning takes priority over retirement planning for a large portion of the population. The survey asked 1,006 people which item they spent the most time on: vacation planning, planning for retirement, planning for higher education, or planning a big purchase such as a house or car.
Twenty-eight percent of surveyed individuals said they spent most of their time planning vacations. Twenty-five percent of respondents said they spend their time on retirement, while an equal number spent most time planning for big purchases and twenty-two percent plan for higher education costs.
“We’re not surprised people spend more time thinking about vacations instead of tackling larger challenges such as saving for retirement or higher education, particularly at this time of year . . . All too often, people don’t prioritize planning and investing for the long-term because it’s 20 to 30 years away, but this is a big mistake.”
See FA Staff, Vacation Planning Tops Retirement Planning, Financial Advisor, June 23, 2014.