High Costs Keeping Many Americans From Summer Vacation

By Gregg Makuch - May 7, 2019 5:00:00 PM - 2 MINS READ

Over one in four Americans have already decided to forgo a summer vacation this year, and 22% remain undecided, according to a new survey by Bankrate.

The most popular reason: they can’t afford it.

Sixty percent of respondents cited that they aren’t planning a vacation because they can’t afford it, with 44% citing day-to-day bills were the most inhibiting factor and 22% saying they are paying down debt.

why-americans-not-taking-summer-vacation-2018-bankrateIn line with those findings, Bankrate notes that only 40% of Americans would be able to cover a $1,000 emergency expense and 29% American households have more credit card debt than they do savings.

Paid time off (PTO) is an important part of virtually every employee's compensation package, like health insurance or 401(k) participation. PTO has value and is meant to reduce stress and improve employee well-being, so when large chunks of the workforce aren’t able to capitalize on their PTO it can hurt productivity overall.

But don’t sweat!

Relieving stress is not just about taking days off and PTO Exchange has the remedy.

PTO Exchange has developed a fully customizable benefits platform which provides organizations the ability to offer employees the flexibility to swap their accrued PTO for other things that mean the most to them, when they need it.

Ranging from student loan repayment, education support, healthcare or retirement savings, to travel and charitable contributions and sharing, employers now have a low/no-cost benefit to increase productivity and attract talent.

For many people, taking time away from your job can be MORE stressful. Help those who are overwhelmed with debt and bills find comfort – even in the office.

Ready to learn more?

Request a Demo

Gregg Makuch

Gregg is CMO at PTO Exchange. Passionate about solving customer problems, cycling, caffè, wine, and all things Italian.

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