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Friday,  May 17, 2024 8:19 PM 

1 in 10 Canadians are skipping housing payments for vacations: survey

  • Agency
  •   04-04-2024  9:59 am
  •   Pax Global Media

1 in 10 Canadians are skipping housing payments for vacations: survey
A recent Flight Centre Travel Group survey conducted by YouGov reveals that one in 10 Canadians are prioritizing travel over housing payments. (Monkey Business Images/Shutterstock)
Pax Global Media

A recent Flight Centre Travel Group survey conducted by YouGov reveals that one in 10 Canadians are prioritizing travel over housing payments – a trend the company calls a “concerning shift” in financial priorities.

But Canadians – particularly those aged 18-40 – are also demonstrating a unique balance of wanderlust and resilience, choosing to strategically navigate and adjust their finances rather than forgoing travel experiences altogether. 

According to the survey, about three quarters of younger Canadians (61%) are resolute about travelling within the next 12 months, signifying a non-negotiable aspect of their lifestyle choices in uncertain economic times.

This revelation is part of a broader pattern that spotlights a demographic deeply invested in their travel pursuits despite the harsh realities of inflation and the rising cost of living, says Flight Centre.

Nearly half (45%) of younger Canadians are planning to at least one vacation this year, with a further 11% planning to jet off three times or more.  Of those, 42% expressing their plans to budget more carefully than on previous trips.

More than three quarters (82%) say they will budget their travel plans by:

  • Looking for exclusive deals and discounts (39%);
  • Choosing budget-friendly accommodations (36%);
  • Exploring local or domestic destinations (33%).

But not all Canadians surveyed are financially responsible about it: around 10% admitted to neglecting their rent or mortgage payments to accommodate vacation costs, with men twice as likely as women to engage in this risky financial strategy (12% versus 7% in females).

“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. But, it really highlights a bigger picture: to Gen Z and Millennials, travel means a lot,” said Chadd Andre, executive vice-president of Flight Centre Canada, in a statement.

"They’re looking for more than just the daily grind of work and paying bills. They see travel as part of their life's story—they're out there seeking experiences that turn into a lifetime of core memories."

Andre stresses the merit of booking through seasoned travel advisors. "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 said.

The total sample size of the survey, conducted online between December 12 – 20, 2023, was 4,050 adults (822 from Australia, 801 from New Zealand, 801 from the UK, 823 from South Africa and 803 from Canada).


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