Cost of leaving crisis: 1 in 6 Aussies overspend on travel
Millions of Australians are irrationally spending money on holidays, according to new research by Finder.
A Finder survey of 1,049 respondents revealed 1 in 6 (17%) – equivalent to 3.6 million people – have booked a holiday they couldn't afford in the past 12 months.
The research found 5% of Australians went into debt so they could take a trip, while 5% had to borrow money from family or friends so they could jet off.
A further 6% of aspiring holidaymakers reluctantly had to cancel their plans due to affordability problems.
Angus Kidman, travel expert at Finder, said while many Aussies are facing financial difficulties, some remain committed to travel, even as their budgets tighten.
"Ignoring financial reality can lead to serious consequences in the long run.
"Your post-holiday glow will quickly fade when you're faced with substantial debt that can take years to clear."
Young Australians were more likely to book a holiday they couldn't afford – 35% of gen Z said they had, compared to only 1% of baby boomers.
Kidman said living beyond your means is a classic money mistake that often spirals.
"Rein in your holiday expectations while you boost your financial position.
"If you're in over your head with bills, you need to be realistic about what you can afford.
"Look for cheaper ways to have that break, such as house swapping or staying with family in another city to save on accommodation costs.
"And remember – if you can't afford travel insurance, you can't afford the holiday," Kidman said.
| Have you booked a holiday you couldn't afford in the last 12 months? | |
|---|---|
| Yes, I had to cancel/didn't go | 6% |
| Yes, I had to borrow the money from family/friends | 5% |
| Yes, I went into debt | 5% |
| No | 83% |
| Source: Finder survey of 1,049 respondents, June 2024 |
Methodology
- Finder's Consumer Sentiment Tracker is a monthly recurring nationally representative survey of more than 60,000 respondents.
- Figures in this release are based on 1,049 respondents from June 2024.
- The Consumer Sentiment Tracker is owned by Finder and operated by Qualtrics.
- The survey has been running monthly since May 2019.