A new survey from travel insurance company Faye reveals that though Americans showcase high intent to travel, the cost of doing so could negatively impact their mental health.
At the same time, however, few things can be more rejuvenating than travel. Whether your dream vacation is skiing in the mountains or relaxing on a bright and sunny beach, being able to get time away from the hustle and bustle of everyday life can have a profound positive impact on your mental and emotional health.
As Lauren Gumport, VP of communications and brand strategy at Faye explains, while rising travel costs can certainly be stress-inducing, this doesn’t mean that you have to cancel your travel plans, especially if you strategize on cost-effective vacationing.
The link between travel costs and mental health
“Our survey was conducted prior to the 2022 holiday season — one of the biggest times of the year for travel,” Gumport explains. “Not only were 72 percent of Americans worried about the cost of their holiday travels, but 50 percent reported that high costs were negatively impacting their mental health. That also played into travelers’ attitudes toward travel in 2023: 73 percent said they were strongly concerned about the economy limiting their financial ability to travel.”
The mental health struggles associated with rising travel costs reflect how inflation in general can impact mental health. As prices rise and buying power decreases, it can easily increase financial stress. This aligns with a study conducted at the end of 2022, which found that 63 percent of workers in the U.S. said their financial stress increased during the year. With budgets tightening, it should be no surprise that American consumers will be looking for ways to lower travel costs and protect their trip investments in the new year.
The benefits of travel are clearly still there
“While many travelers were understandably stressed about rising costs, travel is still a top priority for the vast majority, as for many, it’s become synonymous with self-care,” Gumport says.
“We found that 84 percent of Americans planned to travel for Christmas. Even more striking, nearly 40 percent of those surveyed said they would choose travel over sex. This highlights just how important travel is to so many. It’s not just something we do out of obligation to visit family. We travel because it brings meaning into our lives as enjoying new experiences has become inherently important to us.”
Indeed, cost of travel aside, travel has consistently been linked to improved mental health, with benefits including opportunities for mental resets (and rest) and even boosted creativity. The ability to get away from the stress and responsibilities of your normal routine can ultimately help you become happier and more productive, with positive mental wellness benefits often lasting for several weeks after a trip is over.
Notably, the benefits of travel are found to be more pronounced among those who regularly go to new places that take them out of their comfort zone and expose them to new experiences. Regular travel throughout the year can provide a powerful boost.
“It’s exactly for this reason that I’m on a plane every other month: to explore a new destination. Typically, when I plan out my travel for the upcoming six months, it’s about finding places I’ve yet to venture to,” says Gumport.
Find ways to reduce expenses
Of course, with inflation affecting travel and other parts of consumers’ budgets, the idea of traveling regularly throughout the year can seem like a lost cause to many. But as Gumport notes, travelers have many options to ensure that their adventures can stay within their budget.
“Our survey found plenty of simple ways that travelers are cutting trip costs to make their travels more manageable,” she says. “Staying with friends or family to save on accommodation costs was a big one — though this isn’t always an option, depending on where you’re going. However, other tactics, such as traveling during off-peak times, visiting ‘off the beaten path’ destinations, cooking at your vacation rental instead of eating out or simply packing light can all help you reduce expenses. The savings can add up faster than you might expect. It might require some adjusting, but these steps can put less pressure on your bank account.”
With a little creative planning, there are plenty of ways to make your travel budget work so that you can still enjoy taking trips during the year. Instead of flying, you might drive to a local national park (most of which offer a low admission fee as well).
If you plan on flying, something as simple as booking your flight on a Tuesday, Wednesday or Saturday (which are usually the cheapest days to fly) can result in significantly less expensive airfare.
Finding balance in your travel plans
While high travel costs can certainly add to your stress, this doesn’t mean that you have to cut out travel entirely. Travelers should certainly be conscious of their budget — and sometimes, rising costs will necessitate a change of plans. But by being a little flexible and creative, your travel plans — and all the benefits that come along with them — can be a reality in 2023.
Faye: New Survey Reveals Cost of Travel Affects Americans’ Mental Health
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