Most people have fantasized about quitting their jobs, packing a bag, and seeing the world, but how much money would it actually take to make that leap?
The average amount of money Americans would need to quit their jobs and leave their lives behind to travel the world is $287,731, according to a nationwide survey.
An online survey conducted by Talker Research on behalf of Travelbinger.com asked 2,000 Americans, 1,000 men and 1,000 women, about what it would take for them to be able to explore the globe.
It turns out that different generations have different ideas about the amount of money needed for their freedom. Young adults from Generation Z would drop everything for about $211,000, while Baby Boomers require $335,000 before trading their current lifestyle for travel.
The difference is not too surprising when considering that older adults tend to have more financial responsibilities and established careers.
The survey also revealed that around a third of Americans claimed to need more than $500,000 before even considering such a big life change.
On the other hand, some people were more ready than others to embrace adventure on a smaller budget. One in six Americans would travel the world for less than $50,000.
Additionally, the survey found that money isn’t everything. A total of 17 percent of Americans would not be willing to ditch their current lives no matter what. To them, the comforts of home and routine are more important than seeing faraway destinations.
The researchers asked people how they would spend a million dollars if they had to use it all on travel. The responses showed that 37 percent of Americans would bring friends and family along on a dream vacation, while 24 percent said they would go on a road trip to explore the United States or another country.
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Furthermore, 21 percent would visit landmarks, and 19 percent would explore historical wonders like the Taj Mahal and the Great Pyramids.
About 18 percent wanted to practice “slow traveling,” which involves spending more time in each location instead of rushing from one place to the next.
The same percentage preferred to take frequent weekend trips to new places or check off a travel bucket list of adventures. Many survey participants dreamed of luxury vacations, with 17 percent desiring to stay in fancy hotels and resorts.
The most noble were the 12 percent who said they would volunteer or give back to the communities they visit. Others wanted to experience different cultures, visit every continent, board a luxury cruise, or take a private jet. A small group of eight percent would attend major events like the Olympics or the World Cup.
There are a few people who do not have any interest in exploring the world; four percent of people said they would give back a million-dollar travel budget as they would rather stay put.
You can view the study here.
By Emily Chan
Emily Chan is a writer who covers lifestyle and news content. She graduated from Michigan State University with a degree in... More about Emily Chan
