A whopping 83% of Australians say they overspend when travelling overseas.
According to a Westpac Global Travel Survey, four in five Aussies taking a three-week holiday blow their daily budget to spend an average $4697.
Westpac found more than a third of travellers (36%) admitted to overspending on impulse purchases and avoidable costs, with shopping for clothes being the largest segment.
“We are a nation who loves to travel, with 6.8 million overseas trips made by Australians every year. However, the research shows the majority of travellers are overspending when on holiday, which can often be avoided by research, budgeting and planning,” Westpac’s head of Consumer Finance and Payments, Stephen Benton said.
While a majority of travellers (96%) watch their spending, their main method of monitoring their outgoings is by tracking the physical cash left in their wallets.
“Despite living in the digital age, just over a third (37%) of people scrutinise their spending online and even less (22%) use mobile apps,” the study found.
￼“Tracking your spending can help to give you a clearer view on where your money is going. This will help you prioritise your funds to get the most out of your holiday by spending money on the things that matter most,” Benton said.
The research also revealed that 15% of Australians run out of money while on holiday, and the majority (57%) will turn to their credit card, with 42% dipping into their savings and a quarter (24%) borrowing money from a friend or family member at home.
“The last thing any traveller wants when they’re overseas is to limit their experiences due to poor budgeting and planning,” Benton said.