Traveling with a Purpose

Our mission at Corient is to help clients enjoy a full life and achieve their goals. And for many, that involves traveling. While travel certainly provides a welcome escape from everyday stress and makes us “feel good” mentally, physically and emotionally, what if we could also “do good” for the world at the same time? In other words, what if we could travel with a purpose? We can!

What is impact travel?

Impact travel is a way in which we, as tourists, can ensure our journeys positively impact the places we visit. It is, in fact, traveling with a greater purpose. And it’s also a growing trend in the travel industry. According to an American Express Travel global trend report, 78% of those surveyed said they want to positively impact the places they visit, while 81% want to make sure that much of the money they spend on travel goes back to help enrich the local community in some form.1

How can you travel with purpose?

There are many ways to engage in impact travel. Feel free to choose your own altruistic adventure, but if you’re looking for some inspiration, here are five popular approaches to traveling with impact:

1. Stay at socially and/or environmentally conscious hotels, resorts and lodges

Some hotels purposefully donate to certain local causes or give back to their communities through charity events or by giving a percentage of fees they charge guests. “Eco-friendly” hotels attempt to lessen their carbon footprint in various ways, such as by using solar energy, recycling, eliminating plastics by having smart locks and refillable containers for toiletries and reducing water usage by encouraging guests to reuse towels. Even if you’re not staying at an expressly eco-friendly hotel, you can still contribute by managing your consumption of water, hydro, heat and air conditioning, informing the cleaning staff that certain linens are still clean, recycling newspapers, brochures and bottles where possible or taking stairs instead of the elevator.

2. Support local businesses

It can be fun and impactful to do less “touristy” things. For example, eat at local restaurants, stay at non-chain hotels, and buy gifts and souvenirs from local artisans. Doing these things can help more of your travel dollars stay in the local community. You may also be able to dovetail your travel activities with your interest in making an impact. To provide just one example, the Nyamirambo Women’s Center in Kigali, Rwanda, is an NGO providing education and vocational training for women. In addition to offering highly informative neighborhood walking tours, the center also sells clothing and other accessories made by local female artisans.2 Wherever you visit, you may find organizations that similarly benefit the local community and their residents.

3. Participate in eco-activities

While traveling, you can participate in many enjoyable activities that do little or no damage to the environment. Stargazing, hiking and glamping are some possible examples. Safaris and visits to animal sanctuaries are ways to see incredible wildlife in their natural habitats and learn about animal and environmental conservation. While African safaris can be expensive, those tourism dollars can help create jobs for locals who often provide the labor for safari lodges and help prevent the poaching of wildlife, such as elephants and rhinos.

4. Travel at off-peak times and to offbeat places

When you travel at less popular times of the year, you might avoid crowds as you engage in impact travel. Many destinations suffer from over-tourism, which is bad for the environment and for locals whose quality of life can be diminished by the crush of too many travelers. Another way to make a positive impact is to “take the road less traveled.” Choose small villages over big cities and seek more adventurous destinations. Some of the most engaging travel experiences might not be to Paris, Rome or other popular destinations but to places that don’t rank high or even appear on most travel “bucket lists.”

5. Engage in “voluntourism”

Voluntourism is a form of tourism in which travelers participate in volunteer work, typically on behalf of a charitable organization. This could involve building homes with a group like Habitat for Humanity, digging wells so people have access to fresh water, supporting medical or health-care efforts or teaching English. Voluntourism is a way to enjoy far-flung parts of the world while also giving back. However, voluntourism can have a downside, as in some cases, less well-run organizations can drain local resources, disrupt local economies and cause unintended negative consequences. So, when deciding to volunteer as part of travel, it’s wise to associate with reputable organizations and charities.

Just get out there and travel

Worldwide tourism is a multi-trillion-dollar industry that was cut nearly in half in 2020.3 That decline had the biggest effect on countries whose residents and overall economies rely heavily on tourism.4 By just getting out there and traveling, we are doing our part to revitalize the industry and positively enhance the lives of thousands of communities and millions of people around the globe. That’s what we call traveling with purpose – and impact!

 

1 https://www.americanexpress.com/en-us/travel/discover/get-inspired/global-travel-trends-en-gb-2022
2 This reference is being provided for informational purposes and is not an endorsement of the venue, and we are not affiliated with it.  
3 https://wttc.org/Portals/0/Documents/Reports/2021/Global%20Economic%20Impact%20and%20Trends%202021.pdf
4 https://www.brookings.edu/research/the-covid-19-travel-shock-hit-tourism-dependent-economies-hard/


ABOUT THE AUTHOR

Matthew Reznik, CPA, MBA, CFP, CFA

Matthew Reznik, CPA, MBA, CFP, CFA

Partner, Wealth Advisor

Matt is a Partner, Wealth Advisor in our Itasca, IL, office. Matt received his Bachelor of Science in Economics with concentrations in accounting and finance from the Wharton School of the University of Pennsylvania and his MBA in Finance and Strategic Management from the University of Chicago Booth School of Business. He joined legacy firm BDF in 2001.




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