Why are so many European workers hesitant to use their remaining annual leave?

The end-of-year deadline is approaching, yet many European workers still haven't decided how to use their remaining annual leave.

A new survey by payment services company Mastercard on 20,000 people across 21 European countries shows nearly half (47%) still need to take between seven and 20 days off.

Most people would like to use these days to travel to a new "dream" destination (40%), followed by 10% who want to attend a live show, and 9% who wish to enjoy outdoor activities or Christmas markets.

So what's holding them back? According to the research, the most common reason (23%) is financial: they need more time to save money or budget their trips.

The highest share of such responses came from Serbia (40%), followed by Bulgaria (33%), Romania (32%), Croatia (27%) and Ireland (27%).

Gen Z on the launch pad, Gen X stuck at home?

Dutch, German, Swiss, Czech and Cypriot citizens appear to be the least affected by finances when it comes to taking the rest of their holidays.

On the contrary, some of them, like the Dutch, are just waiting to snap up the perfect bargain before booking (14%). The same is also true of the Brits, Portuguese, French and especially Croatians (15%).

At the same time, 12% of consumers say they haven't yet booked any particular Christmas experience because they're stuck with work or family duties — which perhaps explains why Gen X is the age group least likely (57%) to tick off a bucket list experience before the end of the year, while 74% of Gen Zs are instead determined to use their time off this way, outpacing millenials (69%).

Brits and Dutch least likely to get away for Christmas

Overall, researchers say that a significant number of Europeans remain optimistic about it, with over two-thirds (67%) believing they will check off their final bucket list goals before the year's end.

Just under a third (30%) are still eager to do so but say they are unsure if they'll manage it.

Hopes are not running high in the UK, where only 34% are thinking of enjoying another leisure experience before 2026, the lowest percentage among the surveyed countries, followed by the Netherlands (41%), Belgium (46%), Ireland (49%) and France (51%).

'Nice to haves' no more: What are Europeans sacrificing to save up for more valuable experiences?

Europeans increasingly recognise the value of so-called experiences: 81% believe that money spent on them is always worth it, according to the study.

Some consumers "are deliberately adjusting their budgets and making conscious trade-offs" to accommodate getting out there, the researchers said.

On that note, the first thing to go is usually clothing, with 40% of consumers cutting back on it to be able to afford their getaways.

The axe is also falling on dining out (39%) and luxury indulgences (32%), while 32% give up on tech gadgets and 25% forego upgrading their home décor to free up their holiday and experience budget.