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Millennials will go into debt to travel

Over a third of millennials are willing to go into debt to travel.

A study by Vrbo has found that 37 per cent of millennials wouldn't be worried about going in debt to fulfil their travel needs, compared to just 15 per cent for the baby boomers generation and 27 per cent for the generation X category.

And when it comes to millennials, nearly half (45 per cent) of them see travel as a reason for exploration rather than for special occasions such as birthdays, anniversaries or weddings.

Karen Fuller, senior director of global market research at Vrbo, said: "Forget what you thought about millennials traveling on a shoestring. Our results revealed they're actually the most likely to go into debt for travel, which is consistent with the notion that millennials like to accumulate experiences, not things."

It comes after a separate study revealed that millennials would rather save for their holiday than their pension.

A total of 40 per cent admitted to putting money aside for a break away whilst only 34 per cent of young people save up to buy a new home and a further 20 per cent want to keep their money to one side in order to take a career break later on.

Emma-Lou Montgomery, associate director at Fidelity, said: "The beauty of youth - never more so than when it comes to saving and investing - is that time is firmly on your side. Every penny you put aside in your 20s (or younger) will grow into something worthwhile, thanks to the magical power of compounding. This is when the returns you make on your hard-earned cash start to generate their very own returns. All without you having to do anything more than stay invested."

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