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Millennials want to spend on travel not save

Millennials choose to splurge on their holidays rather than save money for their retirement.

A study by Schofields Insurance has found that young people are willing to spend their money on lavish vacations rather than put it aside for their future.

They also found that millennials would choose their destinations based on what looks most Instagrammable, with 40.1 percent of people putting this as their top priority when selecting a destination.

The cost and availability of alcohol was also important at 24 percent whilst the chance of personal development rated highly at 22.6 percent. Whilst abroad, millennials were keen to sample the local cuisine (9.4 percent) and also do some sightseeing too (3.9 percent).

Phil Schofield, head of inbound marketing at Schofields, said: "I have to admit to being a little astonished by these results. We have recently seen a lot of news coverage around how millennials are making more and more decisions guided by how their life would appear online and so we thought we would see how much they let their portrayed social media presence affect their real life. To see how the holiday snaps appear online being identified as the number one reason to choose a holiday destination really did take us all a little bit by surprise. We are constantly being told how much of an affect digital marketing can have on a person. However, it's only when you see results like this that you become aware of just how much effect living in a world where everything is online can have on a person."

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