Vacation planning takes precedence over retirement planning for a large segment of the population, according to a Edward Jones study released Monday.
The survey asked 1,006 people which item they spent the most time on: vacation planning, planning for retirement, planning for higher education, or planning a big purchase such as a house or car.
The largest group (28 percent) said they spent most of their planning time on vacations. One-quarter of respondents said they spent most of their planning time on retirement. An equal number spent most of their time on planning for big purchases, and 22 percent think most about higher education costs, according to Edward Jones.
“We’re not surprised people spend more time thinking about vacations instead of tackling larger challenges such as saving for retirement or higher education, particularly at this time of year,” says Scott Thoma, retirement strategist for Edward Jones. “All too often, people don’t prioritize planning and investing for the long-term because it’s 20 to 30 years away, but this is a big mistake.”
Older respondents spent more time thinking about retirement than younger ones. Nine percent of respondents between the ages of 18 to 34 indicated retirement planning was top of mind. This response rate jumped to 31 percent for 35 to 44 year olds, 37 percent for 45 to 54 year olds and 40 percent for those 55 to 64 years old.
The survey showed the focus on vacation planning increased with age as well, with 25 percent of 18 to 34 year olds saying vacation planning took top priority compared to 35 percent of those 65 or older.