What are Aussie travellers worst money habits?

New research from comparethemarket.com.au has revealed that most Aussie travellers are over-spenders and under-budgeters.

To be honest, we just looked at our finances and are super disheartened.

And it’s not because we splurged on an extravagant holiday.

GIF Aussies money habits (via giphy)

However, for most Aussies, a budget isn’t a priority when travelling, with a third (36 per cent) admitting they don’t have a holiday budget and a quarter saying they have spent $500 more than they planned.

According to the research deduced from surveying 1,855 Australian holiday-goers, only half of Aussies (52 per cent) bother to calculate how much we need to save for vacation and then plan a budget in order to reach the savings goal.

Even when people took the time to plan their holiday spending, well over half (58 per cent) said they had blown the budget, using a credit card or withdrawing extra cash.

Aussies’ stomachs are bigger than their budget as eating out and drinking were the main culprits for overspending with 37 per cent admitting they blew the budget on dining, and the costs of local attractions followed (25 per cent).

Abigail Koch, consumer advocate and spokesperson for comparethemarket.com.au explains that money, especially foreign currency, can lose its true value in a holiday environment and become a bit like ‘monopoly money’.

“Latest figures show that Aussies over-spend by more then $900 million on international travel each year,” she said.

“Though it is great to get in the holiday mood, splashing the cash while away can lead to a serious financial headache when you are back in real life.”

Millennials were the most disciplined with almost three quarters (71 per cent) of 18 to 24-year-olds having worked out how much they needed to save, and only 6 per cent didn’t plan ahead with their holiday expenses.

Perhaps after all that smashed avocado, they didn’t have a choice.

Boomers, on the other hand, aren’t big-budgeters, with a third (32 per cent) of 55 to 64-year-olds turning to their savings account for a holiday.

“With many families travelling over the school break, it’s essential for Australians to have a holiday budget, keeping in mind the additional cash they may splash on unexpected activities,” Koch added.

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Email the Travel Weekly team at traveldesk@travelweekly.com.au

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