Traditional ideas about what to do with your hard-earned money are being rethought by millennials. The idea of saving enough to retire — that is, missing out on life until you’re older, wiser, and sittfer — is waning pretty fast. Millennials just don’t seem to care as much about retirement nest eggs. Their priorities are more about living in the now #FOMO. This isn’t just older generation lamentations, the proof is in the numbers.
Bank of America’s Merrill Edge analyzed the spending habits of 1,000 18 to 34 year olds to gauge where that bracket’s money is being spent. It’s not going to IRAs and 401Ks. Their study found that “81% of millennials were more likely to spend on travel” instead of any other big ticket items. Moreover, a whopping 65 percent preferred to spend money on dining. That’s a lot of avocado toast.
Basically, this generation is living in the moment. Millennials are spending their money now to gain experience that will pay dividends for the rest of their lives. The head of Merrill Edge, Aron Levine, put it this way, “We’re seeing millennials save to live their desired lifestyle, not for an exit strategy to leave the workforce.” Levine contrasts this to the previous generations having a laser focus on saving enough cash to exit the workforce as soon as possible.
The shifting attitude towards work, life, and where and how you utilize your cash will certainly draw criticisms and lauds depending on the crowd you’re in. At Uproxx, we believe in travel as a game-changing force for good, for growth, and for future greatness. And in that respect, we’ve compiled a list of six iconic destinations to hit this year. These are a few stone-cold classics that every traveler has to see at least once in their lives.