Parents Are Struggling to Afford Family Trips to 'the Happiest Place on Earth'
Is it worth going into debt to make this dream come true?
We all know that Disney World is a costly vacation. According to a 2023 study from NerdWallet, a well-budgeted seven-day vacation to Disney for a family of four costs an average of $6,463. But those prices aren't stopping parents from taking their kids on trips to meet the mouse. According to a new survey from Lending Tree, which polled 2,000 US consumers, 45% of parents with children younger than 18 have gone into debt to take their kids to Disney World. Overall, 24% of people who have traveled to Disney World have gone into debt.
For parents, the likelihood of going into debt for Disney is up 15% compared to 2022. In the 2022 Lending Tree survey, only 30% of parents taking young kids to Disney were going into debt to do so. But, given the cultural significance of Disney World, it can't really be too surprising that people are willing to enter a financially disadvantaged situation to provide their kids with core memories of meeting their favorite princess or superhero.
"For so many parents, taking their kids to Disney is a rite of passage, something they remember fondly from their youth and want to experience with their kids," Matt Schulz, LendingTree chief credit analyst, said. "Because of those feelings, they're often willing to take on debt to get there."
This rite of passage is sending parents into debt partly because of increased ticket prices to Disney. Another contributing factor is the overall inflation hitting Americans' pockets.
Surprisingly, it wasn't the pricey park tickets that pushed the vacation costs over the edge for most people. According to the Lending Tree survey, 65% of people with Disney-related debt say that in-park food and drink prices were higher than they budgeted for. Behind in-park food and drink, 48% of respondents said ground transportation costs also ate into their budget.
Trying not to buy food or drinks in the park can be next to impossible, and Disney’s daily parking fees mean that spending money on ground costs is unavoidable if you drive to the park each day. But plenty of money-saving hacks (like bringing in water bottles and using one of the free shuttles) can help alleviate costs.
At the end of the day, though, most parents don’t regret going into debt to take their kids to “the happiest place on Earth.” According to the survey, 59% of parents have no regrets about the financial strain. That number is even higher for families in the $30,000 and $49,900 income bracket—92% of parents in that income bracket don’t regret going into debt for Disney.
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