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“If it’s a one-off vacation, that’s generally pretty manageable. If it’s a habit that comes from saying, ‘I’ll just add a little more on credit,’ that’s where the real problems show up.” Credit cards are a popular method, with 62 per cent reporting they will use a credit card for at least some of their expenses and 26 per cent saying they plan to carry the balance over multiple cycles.
When she first started in financial services, Ms. Gormely says she took a harder line on people using debt to fund their holidays. Now, she says, she’s more inclined to look at the overall context of her clients’ lives. “It’s that reprioritization of what’s important to people,” she says. “I think post-COVID, I’ve seen a lot more of that. It’s just been much more prevalent in people’s realizations of what’s important in life.”
Mr. Poole says his conversations with clients are going to depend on what stage of the vacation planning process they’re in.