LITTLETON, Colo. — Rising living costs are forcing many Colorado households to scale back or cancel summer travel plans, with gas prices emerging as the biggest obstacle, according to a new survey released by Red Rocks Credit Union.
The survey of 300 Colorado residents, conducted in early June, found that 82% said the rising cost of living has affected their household finances at least somewhat this year, while 52% said it has had a significant impact.
According to Red Rocks Credit Union, the financial pressure spans income levels and generations.
“These numbers match what we hear from members across Arapahoe, Douglas, and Jefferson counties,” Darius Wise, president and CEO of Red Rocks Credit Union, said in a statement. “Coloradans aren’t giving up on summer. They’re getting resourceful. They’re choosing the mountains over the airport and the campsite over the hotel, making real tradeoffs to do it.”
Gas Prices Top Travel Concerns
The survey found fuel costs were the leading barrier to summer travel.
According to Red Rocks Credit Union:
- 78% cited gas prices as the biggest obstacle to summer travel.
- 65% said rising everyday living expenses were limiting travel.
- 55% pointed to food and dining costs.
- 49% cited hotel costs.
- 48% identified airfare as a barrier.
The credit union said the survey was conducted June 2-4 while gasoline prices in Colorado were near multi-year highs.
Generation X respondents reported feeling the greatest impact at the pump, with 85% identifying gasoline prices as a travel barrier.
Many Scaling Back Travel
The survey found higher costs are changing how residents plan their summer vacations.
According to Red Rocks Credit Union:
- 59% expect to travel less than they did last summer.
- 30% plan to travel somewhat less.
- 29% expect to travel much less.
- 13% plan to travel more than last summer.
- 27% do not plan to travel at all this summer.
- 17% said they have already canceled or delayed travel plans because of costs.
Staying Close to Home
For those who are traveling, many are opting for destinations closer to home.
The survey found:
- 30% plan overnight trips within Colorado, including mountain destinations, camping, state parks and local getaways.
- 23% expect to fly elsewhere within the United States.
- 4% plan international travel.
According to Red Rocks Credit Union, the results suggest many residents are choosing less expensive in-state vacations over more costly long-distance trips.
Income and Age Differences
The survey also found travel plans vary significantly by income level.
According to Red Rocks Credit Union:
- 32% of households earning less than $50,000 annually do not plan to travel this summer, compared with 13% of households earning more than $100,000.
- Lower-income households were nearly three times more likely to have canceled a trip because of cost, at 23%compared with 8% among higher-income households.
Millennials were the least likely generation to travel this summer, with 35% reporting they have no travel plans, compared with 18% of Generation Z respondents.
The credit union said the findings reflect the financial pressures facing younger families managing housing costs, debt and childcare expenses.
“Seeing it in the data is one thing. Doing something about it is the job,” Wise said in the statement. He said the credit union offers a twice-yearly Skip-A-Pay program that allows members to defer a loan payment during periods of financial strain and has given frontline staff flexibility to assist members facing hardships.
Wise added that Red Rocks Credit Union is also evaluating additional ways to assist members and employees, including potential gas assistance programs, as higher living costs continue to pressure household budgets.
