This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

When Millennials Travel, Saving Gets Left Behind

NEW YORK (TheStreet) -- Millennials admit to splurging on life's luxuries from time to time.

For example, a study from Chase Card Services shows that millennials are willing to "upgrade" when it comes to travel. Thrift goes out of the window in favor of luxury amenities such as dry cleaning, massages and pet-friendly hotel services for almost half of millennials (48%), compared with the 72% of Americans ages 50 to 67 who say "staying within a budget" is the biggest priority when traveling.

"Millennials are a tech-savvy generation that values social connections, convenience and opportunities to indulge in luxuries," says Sisy Vicente, general manager at Chase Card Services. "This is a generation of travelers that clearly sees the benefit of travel rewards."

But get a 35-year-old away from a luxury hotel and his or her financial mindset changes significantly.

A separate survey released by Wells Fargo this week shows 80% of millennials saying the Great Recession taught them the importance of saving for potential money needs. Millennial men are in a better position when it comes to retirement savings, with 58% of men saying they are on track for retirement compared with 41% of women. (Yet only 16% of millennials say "start saving for retirement" is a big priority, compared with 43% of their baby boomer elders.)

"The silver lining of the recession that started over five years ago is that a majority of millennials get that saving is a necessity and even equate it with 'surviving' tough times," said Karen Wimbish, director of retail retirement at Wells Fargo. "But millennial women are starting out their working lives making far less than men and, as a consequence, are saving less and feeling less contentment at the start of their working lives." 

Spending can be a problem, though. The Wells Fargo survey says 42% of the demographic call debt their "top financial concern." Could the debt come from luxury travel?

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs