Aussies are getting creative to save up for their next holiday, despite growing cost of living concerns, according to new research.
Around half (50 per cent) of the Australians polled in a recent Finder survey admitted they are tightening their belts to fund a trip in the next year. But it’s where they’re saving their money that makes for some interesting reading…
According to the study, the top money-saving moves include skipping social activities (27% of respondents) and recycling bottles and cans (18%).
Elsewhere, others are decluttering and selling old stuff (16%), while others are picking up extra work (14%) or credit card hopping for frequent flyer points (11%). For one in ten (10%), taking on debt is the only way to make a holiday happen.
Meanwhile, nearly a third (28%) of those polled said they could already afford their holidays, while a around quarter (22%) aren’t planning to travel.
The study took into account the opinions of 1,049 Aussie adults in July 2024. But if the poll does reflect the greater population’s sentiments (as polls are supposed to do), that’s equal to around 10.5 million Aussies scrimping and skimping to travel. How far would you go for your next getaway?
“Aussies love to travel. But taking a trip is a luxury that many can’t afford in the current climate without changing their lifestyle,” said Richard Whitten, money expert at Finder.
“The reality is, after rent or your mortgage, electricity, phone, internet, fuel, and grocery bills there’s very little left over for jet setting.
“Millions of people are hustling and forgoing fun to afford a break.”
Whitten also stressed the importance of knowing how to travel according to your budget.
“Knowing how much you need to save starts with choosing your destination and the type of experience you’re after – there are plenty of budget-conscious options,” he added.
Whitten also suggested travellers open up a dedicated “holiday fund”.
“Whenever you earn or save extra cash – transfer it into a high-interest savings account so you save towards your holiday faster,” he stated.
“Booking well in advance can often save you money. Keep a lookout for travel deals on sale and investigate whether you can use frequent flyer points you may have stashed.”
A recent Amex Trendex survey shows Australian travellers are putting themselves first with more than half of Aussies (59%) keen on ‘me-cations’. What does this mean for travel advisors? You can expect to see a lot more enquiry about solo travel as travellers seek opportunities to focus on themselves on ‘me-cations’.
