Spring break is approaching, and while some travelers are trying to figure out where to go, others are more concerned with how they’re going to pay for the trip. Nerdwallet recently conducted a survey that examined how Americans are planning their spring break vacation, and it looks like at least 2 in 5 Americans plans to take one. Of those planning a spring break getaway, 64% will be paying for their vacation with money they’ve saved. As for the others, one in three Americans will pay for the trip with a credit card and they plan to charge, on average, $1,308.30.
Others are looking to use their tax refund to pay for their trip, 19%, in fact; 30% of millennials and 20% of Gen Xers will be using their tax refunds to fund their vacation compared to only 5% of Boomers. In total, Americans plan to spend $1,817.70 on average on their spring break vacation, with families plan to spend a little bit more (but not too much) with an average answer of $1,996.90. Some millennials, about 10%, are planning to spend $5,000 or more on a spring break extravaganza.