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One in four Americans couldn't afford to go abroad

One in four Americans couldn't afford to go abroad this summer.

A study by Bankrate has revealed that 24 per cent of US residents didn't have the money to go on holiday inn 2018 and instead opted to travel around their own country or stay at home.

50 per cent of people said they weren't going away this summer, with cost being the highest ranking factor for missing out on a break, with older generations more likely to miss a break because of family obligations.

Millennials missed out on a holiday because of a financial situation or because they have too much on their plates.

Greg McBride, Bankrate's chief financial analyst, said: "One in four Americans does not have any emergency savings. Talk about living paycheck to paycheck. There's 6 million open and unfilled jobs in the economy right now because employers can't find qualified workers. A lot of existing employees are carrying a heavier load, and that might keep them tethered to the desk instead of taking the time off that they would otherwise like to take."

Melanie Ross, a senior financial adviser for NCA Financial Planners in Cleveland, added: "A vacation doesn't necessarily have to be something where you fly somewhere. A lot of people do something they call 'staycations' where they just will stay local. Maybe they'll travel two hours here in a two-day period or stay at home and take advantage of things that they don't have time to while they're working."

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