Value of Vacation in Dollars: Half (49%) of Employed Americans Would Accept an Average of 50% More Than Current Salary to Forfeit All their Paid vacation
Washington, DC, July 25, 2019 — While half (49%) of employed Americans would accept more pay to accept no paid vacation, Millennials (63% vs. 47% GenX, 32% Baby Boomers) and males (57% vs. 41% female) are the most likely to be willing to accept the trade off between higher salary and no paid vacation.
Among those who would accept higher pay to forego paid vacation, on average nearly a 50% increase in pay would be required. Almost 2 in 10 (16%) would require double what they currently make. However, another 2 in 10 (20%) would accept no paid vacation for less than 25% more their current pay, while 3 in 10 (29%) would need between a 25 and 49 percent increase, and over a third (35%) would need between a 50 and 99 percent increase.
A third (34%) of employed Americans would be willing to give up a percentage of their salary in exchange for unlimited vacation, while over 1 in 10 (12%) already have unlimited vacation. Once again, Millennials (41% vs. 35% Gen X, 20% Baby Boomers) are most likely to part with their salary in exchange for unlimited vacation. Over half (55%) of employed Americans would not give up any portion of their salary for unlimited vacation and Baby Boomers (69% vs 40% Millennials, 60% Gen X) are most likely to be unwilling to let go of their salary.
Of those who would give up a portion of their salary for unlimited vacation, they would on average give up a quarter (26%) of their salary. However, Millennials would be willing to give up a higher proportion i.e. a third (32%) of their salary on average (vs. 22% Gen X, 21% Baby Boomers on average). Almost a quarter (22%) of employed Americans who are willing to make this exchange, would give up 50% or more of their salary for unlimited vacation. However, the majority (57%) would give up less than a quarter of their salary.
About the Study
These are some of the findings of an Ipsos poll conducted between May 1 and May 2, on behalf of Allianz Global Assistance. For this survey, a sample of 1,005 American adults was interviewed online via the Ipsos I-Say panel. Generational categories are being loosely defined as follows: Millennials aged 18-34, Gen X aged 35-54, and Baby Boomers aged 55+). Weighting was then employed to balance demographics to ensure that the sample's composition reflects that of the adult population according to Census data and to provide results intended to approximate the sample universe. The precision of Ipsos online polls is measured using a credibility interval. In this case, the poll is accurate to within ±3.5 percentage points, 19 times out of 20, had all Americans adults been polled. The credibility interval will be wider among subsets of the population. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement error.
For more information on this news release, please contact:
Sean Simpson
Vice President, Public Affairs
+1 416 324-2002
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