Our excuse to save money is a great holiday away from the daily stresses of work, overtime and taking care of children and whatnot. Having a vacation or a weekend getaway is something anybody can treasure to relieve stress and pain. Or maybe it’s just delaying something more inevitable because if you’re saving up for holidays, are you setting aside something even for your retirement?
While the US may not reflect the entirety of western lifestyle, let alone the United Kingdom’s own workforce personal spending habits, data from the country shows about 30 per cent of adults and parents don’t save up regularly for their retirement. Instead, they’re regularly saving for the holidays.
Surveyor T. Rowe Price adds that about 28 per cent of adults don’t regularly save for college but would save more money for holiday spending.
As fun-loving people of the United Kingdom, I’d say the data on this can be spot-on with our country, or maybe not? I’ll publish figures here later!
But it is true when TRP Senior Financial Planner Stuart Ritter says:
“It’s always tempting to splurge around the holidays, but parents aren’t doing themselves or their kids any favours by overspending.
“We’re all inclined to be more generous this time of year, and it’s important to be mindful of the financial trade-offs we’re making and stick to a budget that aligns with our priorities.”
It would seem that the financial crunch of 2008 was due to this type of behaviour, which apparently we haven’t changed, globally-speaking.