One sign that many Americans could be in a better personal finance situation than in the past is the interest in going on vacation this year, as it may signal more disposable income is available.
More than half of Americans will likely rent property for their vacation this year, according to a report from TripAdvisor. This level was notably higher than in 2013, when 44 percent said the same.
Renting a property was a popular choice due to multiple reasons, and many people had finances in mind when noting this. The report showed that approximately two-thirds noted that they would enjoy the larger space, while 53 percent said that the rental rates would be better than checking into a hotel. Close to half felt that they had amenities that were better, as well.
Nearly 90 percent of those polled said that staying at a rental would be an attractive choice to them if it helped them save money this year, the report showed. Close to one-fifth said that a rental can help them stay in line with their budget.
More than 40 percent explained they would spend between $100 and $200 for their rental property per night on their vacation, the report noted. Another 22 percent felt this would be between $200 and $300, while just 14 percent said they can do it for less than $100.
Financial responsibility also may increase
While some people may be looking to enjoy themselves with their financial security this year, a sizable portion of the population would like to remain responsible, as well. According to a report from American Express, 48 percent of those polled are confident in their financial situation. Another 53 percent want to save more from their income this year than they did in 2013.
“Smart spending is still the name of the game in 2014,” said David Rabkin, senior vice president of U.S. consumer lending products at American Express. “The lessons of the recession are top of mind for Americans, who say they will keep saving and setting financial goals. That said, across income groups, Americans are optimistic and ready to splurge a little this year, planning leisure trips, renovating their homes and opening their wallets for little things, like a night on the town or a new outfit.”
Nearly 40 percent felt they would like to create a budget that is possible to follow, which is notably higher than 2013’s 23 percent who said the same, the report added.