Millennials Can't Afford Memorial Weekend Trips

Memorial weekend has usually been a time for families to take a big car trip and 31.8 million Americans will do exactly that this Memorial Day weekend, according to AAA. But the total number of miles driven per person peaked in June of 2005 at the height of the economic expansion and has declined by about -866 miles per year or -2.4 miles per day since. It is normal for driving to slow for a year or so during a recession. But the continuous decline in American driving habits over the last for 8.8 years is coming from 16-34 year old millennials that are not seeing an economic recovery from the Great Recession.     About 88% of people that take a trip on Memorial Day weekend (Thursday, May 22 to Monday, May 26) travel by car on a journey of more than 50 miles. The Memorial weekend average cost of gasoline rose from $2.76 in 2010 to $3.96 in 2011, but has held steady at about $3.63 per gallon for the last three years. Historically, this...(Read Full Post)