Vacation

Does Vacation Shaming Keep You from Relaxing?

U.S. workers are feeling more guilt than ever before about planning and taking their vacations, according to a new survey from Alamo Rent A Car.
Overall, the rental car firm’s Family Vacation Survey  around half (49 percent) of all American workers report feeling vacation shamed – being made to feel shame or guilt by co-workers for taking a vacation – compared with only 47 percent in the 2016 Alamo Family Vacation Survey.

And, vacation shaming is particularly on the rise among millennials. Significantly more employed millennials in 2017 reported feeling guilty for planning and taking a vacation (68 percent vs. 59 percent in the 2016 study) – a 19 percent year-over-year increase.
Millennials are more likely than non-millennials to say that vacation shaming would likely keep them from planning or going on a vacation (40 percent vs. 17 percent).

On the other hand, millennials report that they’re significantly more likely than older generations to shame their own co-workers (33 percent vs. 14 percent). Overall, 53 percent of workers feel their colleagues are serious when they engage in vacation-shaming activities.

Also for the first time, Alamo’s annual research indicates that fewer than half of all workers – only 47 percent – are using all of their paid vacation days, compared with 60 percent in the 2015 study and 57 percent in the 2016 study.

Equally surprising, just one in five (18 percent) workers use all of their vacation days to actually go on a vacation, as opposed to activities such as staying home and running errands.

Among workers who left paid vacation days unused, more than half (57 percent) report feeling guilty when they do go on vacation because their co-workers have to take over their job duties, and nearly half (48 percent) feel the need to justify to their employer why they’re using the time off to which they’re entitled.

Here are two things to ponder:

    1. It has been proven by science that taking a vacation reduces your stress level, and actually makes you more productive at work. Conversely, people who don’t take vacation suffer from burnout, and lose more days to illness than those who take vacations.
    2. Americans are about the only people in the world who fall victim to vacation shaming. Europeans, for instance, think we’re crazy for being so vacation-averse.

 
Think about it: not taking a vacation is counter-productive and just plain unhealthy.

Planning and saving for a vacation is the best and most stress free way to go. ProMedica FCU offers a free Vacation Account that can be used as your savings vehicle. Set your goal and budget and you are on your way! For more information please call 419-479-4040.

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Technology

How is technology changing the way consumers manage their finances?

Consumers rely on their financial institutions for multiple reasons and define their convenience based on their habits. As technology continues to evolve, these habits are drastically impacted.
In a time when smartphones are becoming more and more integral to consumers’ daily lives, financial institutions are increasingly using mobile devices to provide services to their customers. About 35 percent of consumers who participated in a consumer survey conducted by the Ohio Credit Union League reported they rarely visit branches in person. They carry their branch in-hand on their mobile phones, taking advantage of what mobile access has to offer. That is not to say people are foregoing in-person transactions. More than half of the survey’s respondents stated that they regularly visit a branch of their financial institution one to four times a month.

In a 2016 study conducted by the Federal Reserve, 53 percent of all smartphone users with an account at a financial institution have used mobile access within the last year. For consumers who’ve made the switch to online or mobile access, the most-common reason is convenience.

Technological advances are synonymous with the financial industry, and here are some ways to ensure you are taking full advantage of the financial technology at your fingertips.

Download your institution’s smartphone app: PFCU has a fully functional mobile app that enables our members to utilize services on the go.

Investigate any online financial planning tools: Calculators, budget templates, and finance tips are often available from financial institutions. Account-linked tracking and analyzation tools can help clarify spending trends and assist with tax filing or budget forecasting.

Sign up for e-alerts: When there is potential fraudulent activity on your account, or your account’s balance dips below a certain level to help you stay on top of your available funds and avoid overdraft fees. Click here to set up PFCU e-alerts.

Utilize online bill pay: Instead of checkbooks, stamps, and folders full of invoices and canceled checks, pay your monthly bills online with a click of a mouse. PFCU offers this service at no charge.

To learn more about how ProMedica FCU can help you afford life, call 419-479-1313 or stop in to one of our four locations.

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