We’ve all dreamed about winning the lottery or receiving an inheritance, but what would Australians really splurge on with a $100,000 financial windfall? The answer might surprise you…
Comparison site Finder surveyed Aussies about what they’d do if $100K to spend suddenly landed in their savings account and found 13 per cent would book a holiday.
And, unsurprisingly, Baby Boomers are more likely than other generations to go on a trip with 21 per cent opting to splurge for a holiday, while one in five (21%) Gen Zers would put it towards a house purchase.
It’s interesting for travel advisors to note that this research shows Baby Boomers still represent most travel intenders despite the need to engage younger generations of travellers.
The Finder survey showed that placing the $100,000 in a high-interest savings account (19%), loading up a mortgage offset account (14%) and holidaying (13%) were the top choices for Aussies with a surplus $100K to spend.
In a separate Finder survey, five per cent of Aussies also revealed that they feel pressured to go on holidays they can’t afford as one in three (30 per cent) admitted to feeling pressured to live a lifestyle they can’t afford.
Finder personal finance expert Sarah Megginson said: “Social media has amplified the pressure to spend beyond our means and show people our lifestyle, with endless highlight reels making it easy to fall into the trap of comparison and consumerism.”
“It’s important to remember that what you see online isn’t always reality – a lot of the flashy lifestyle you’re seeing is built on debt.”
