Canadians staying home this winter

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Many Canadians are not sure if they will be able to escape the cold this year.

 

A poll conducted by Ipsos for Allianz Global Assistance has found that 58% of Canadians are not confident they will take a winter vacation this year. Much of this uncertainty is due to the weak Canadian dollar, as 56% said that the lower Loonie could prevent them from travelling to the United States.

 

“It is an unfortunate reality that more than half of Canadians have a low level of confidence that they will be taking vacation this winter,” says Dan Keon, Director, Marketing and Communications, Allianz Global Assistance. “One concern for Canadians considering travel in winter could be the costs of cancellation, especially when you look at the average cost Canadians say they will spend on a winter vacation: $2,593.20 per household.”

 

The survey reveals that households with children will spend just over the national average on their holidays and expect their travel, accommodation and entertainment costs will be $2,759.00. Canadians aged 55 and over had the biggest vacation budgets, and plan to spend $3,394.50.

 

While 68% of those surveyed expect to go on holiday within the next 12 months, 36% of the respondents indicated that they have not had any kind of vacation for more than two years. The ability of be able to take time off is tied closely to income: 59% of households earning more than $100,000 are likely to take an annual winter vacation, followed by 46% of those who earn between $60,000 and $99,999, 34% of those making between $40,000 and 59,999, and just 24% of those bringing home less than $40,000.

 

As published in The Insurance & Investment Journal by Andrew Rickard Dec. 7, 2016 11:30 a.m.

 

If your ideal lifestyle involves taking annual vacations, let a Four Points Financial Solutions advisor help you build your plan so that you can be confident when it comes time to escape the cold.  Call us to arrange your complimentary consultation today at 1-866-235-0004.