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How long does it take the average Aussie to save for their dream holiday?

From dreaming to planning, booking and paying for a big overseas trip, new research shows that funding travel takes time. Almost one-third (31%) of Australians save for up to a year and 19 per cent spend longer than a year to fund their dream holiday.

From dreaming to planning, booking and paying for a big overseas trip, new research shows that funding travel takes time. Almost one-third (31%) of Australians save for up to a year and 19 per cent spend longer than a year to fund their dream holiday.

While the rising cost of travel is clearly front of mind, for advisors and the travel industry it’s a positive sign that Aussies are committed to their travel plans and willing to forgo other expenses to fund their dream holiday.

The Money.com.au survey found nearly one-third (29%) of Aussies save up for six months before jetting off and just over one in 10 (13%) manage to save in less than three months.

It also revealed some Aussies (7%) skip saving altogether and cover their dream holiday expenses fully with a credit card, while a smaller group (2%) opt for a personal loan to fund their trips.

10 overseas destinations that take less than 10 months’ savings

Female with back to camera at Great Wall of China for dream holiday concept.
China is one of the most popular holiday destinations for Aussies. Image: Shutterstock

Based on a $1,923.40 average weekly wage (according to ABS data) and a 10 per cent savings rate, Money.com.au also calculated how long it would take an Aussie adult to save for popular destinations.

The costs include return flights to the main airport in each destination, 10 nights in a 4-star hotel and a spending and travel allowance.

Woman sits on ramp at Santa Monica Beach with pier in background.
California love? It will take the average Aussie around 9.4 months to save for a US trip. Image: Shutterstock

China tops the chart for the shortest average savings time at five months while it would take 8.9 months to save for a big UK trip and 9.4 months to fund a US holiday.

Thailand, Bali and New Zealand are all within reach for Aussies, taking between 5.4 and 5.7 months to save up for a dream holiday.

A Vietnam or Singapore holiday would take 6.1 and 6.3 months respectively to save for, while Fiji averages around 7.2 months’ saving time and Italy would take 7.8 months.

Discover more ways Aussies use smart spending hacks and save for overseas trips here.