Has security lines at airports changed air travel plans for affluent investors?
Thanks to terrorism and economic factors, air travel has become increasingly difficult. Federal authorities dealing with lengthy security lines have tried to make it easier, but nothing seems to make the process as enjoyable as it once seemed to be.
For some affluent investors, the difficulty in air travel has changed their travel habits. For others, the Transportation Security Administration pre-check system which allows some travelers to get pre-approved for security clearance has improved the process, if not actually made it pleasant.
Spectrem surveyed more than 1,000 affluent investors about how the long security lines at airports would affect their travel habits, and 23 percent said they are likely or very likely to travel less due to the difficulty of getting through security. In fact, 30 percent of investors who are corporate executives say they are likely to travel less due to the security lines. Those investors under 40 were also less likely to travel; 32 percent said their travel habits are affected by the security issues.
Of course, the TSA pre-check system was designed to make the issue of travel security easier for frequent travelers. But only 29 percent of affluent investors have registered with the TSA for pre-check, although another 26 percent said they plan to go through the sometimes lengthy process of getting registered to go through the much shorter pre-check line.
The TSA charges $80 per person for a five-year clearance through security.
Almost half of investors with a net worth of at least $5 million have the TSA pre-check status, and another 26 percent plan to acquire it. Also, 58 percent of corporate executives have the pre-check status.
Of course, much of the decision to get the TSA pre-check status relates to the frequency of one’s travel plans. While only 3 percent of investors say they travel weekly, 34 percent travel monthly, and another 49 percent travel annually. Travel frequency increases as net worth increases; 92 percent of those with a net worth of at least $5 million regularly travel at least once annually, and 57 percent travel monthly.
As age increases, travel frequency increases. Eighty-nine percent of investors over the age of 61 hit the road at least once annually.
Kent McDill is a staff writer for Millionaire Corner. McDill spent 30 years as a sports writer, working for United Press International and the Daily Herald of Arlington Heights, Ill. From 1988-1999, he covered the Chicago Bulls for the Daily Herald, traveling with them every day through the nine-month season. He also covered the Bulls for UPI from 1985-88, and currently covers the team for www.nba.com. He has written two books on the Bulls, including the new title “100 Things Bulls Fans Should Know And Do Before They Die’, published by Triumph Books. In August 2013, his new book “100 Things Bears Fans Should Know And Do Before They Die” gets published.
In 2008, he resigned from the Herald and became a freelance writer. The Herald hired him to write business features and speeches for the Daily Herald Business Conferences and Awards presentations.
McDill also writes a monthly parenting column for the Herald’s Suburban Parent magazine.
McDill is the father of four children, and an active fan of soccer, Jimmy Buffett and all things Disney.