A vacation from soaring rent prices and mortgage rates in Canada sounds nice. According to a new report from Flight Centre, it turns out that some Canadians are taking this literally.
The travel agency conducted a survey through YouGov that revealed that despite the rising cost of living, Canadians ages 18 to 40 are “deeply invested in their travel pursuits.”
Flight Centre found that 61% of Canadians “are resolute” in their vacation plans this year, choosing to strategically adjust their finances rather than forgoing trips altogether.
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The survey also found that nearly half (45%) of younger Canadians have plans to go on at least one vacation this year, with 11% planning to travel three times or more.
So, how do they plan on paying for these trips?
Flight Centre says that 42% of Canadians plan on budgeting more carefully than on previous trips.
This includes budgeting their vacation plans by:
- Looking for exclusive deals and discounts (39%)
- Choosing budget-friendly accommodations (36%)
- Exploring local or domestic destinations (33%)
However, the survey found that some Canadians don’t plan on being this financially responsible when taking vacations. Around one in 10 Canadians admitted to neglecting their rent or mortgage payments to pay for vacation costs.
According to Flight Centre, men are twice as likely as women to opt for this risky budgeting strategy (12% versus 7%).
The travel agency says this reflects a “concerning” shift in financial priorities.
“It’s pretty amazing to see just how much people value travel. Sure, skipping out on rent or a mortgage payment to go on a trip isn’t something we’d recommend — it’s pretty risky, after all,” said Chadd Andre, executive vice president of Flight Centre Canada, in a statement. “But, it really highlights a bigger picture: to Gen Z and millennials, travel means a lot.”
This is why Andre suggests booking through travel consultants, who can find the best vacation deals.
“Now, more than ever, it’s crucial to have expert advice to secure the absolute best value on all aspects of a vacation, from airfare and accommodation to experiences, car rentals, and insurance,” he added.
How do you budget for trips? Let us know in the comments.