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Piola666 | E+ | Getty ImagesDespite inflation, Gen Z and millennials are determined to travel this summer, even if it means spending a bit more. watch nowBy opting to buy travel insurance, younger people's plans are more protected, added Droesch. Pandemic leaves travel jitters in wakeMany travel plans were canceled during the Covid-19 pandemic and many disappointed buyers got no refunds, even if they had travel insurance because unforeseen events such as the Covid-19 lockdown weren't covered. Millennials are entering their 40s, and much of Gen Z have graduated college and are starting their careers. While travel insurance sounds like a good idea, travelers should be aware of the different types of travel insurance that exist and be sure of which type they buy.
Persons: Rome, Gen Zers, , Mary Hines Droesch, Z, they're, Hopper, Hayley Berg, Berg, Millennials Organizations: Bank of America, Finance, College Locations: U.S
In fact, 63% of Americans are setting savings goals in 2023, a recent Bank of America survey found. Last year, 44% of Americans said they hoped to save for retirement, but that number fell to 22% this year. As a result, 77% of Americans who set financial resolutions said inflation may impact their ability to achieve them. "With an uncertain economic outlook for 2023, setting financial goals and saving for bigger purchases can seem daunting," Droesch says. "Even the smallest steps can help lead you to achieve your bigger savings and budgeting goals," Droesch says.
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