Australia’s biggest holiday spenders just might surprise you


Australia’s biggest-spending generation when it comes to travel is not who you’d think.

Forget Millennials chasing life experience or retirees spending the kids’ inheritance.

According to new Suncorp research, it’s 25-to-54 year olds.

They each spend an average $4597 per year, compared with $3205 for over-55s and $2735 for the younger generations, Suncorp’s Cost of Travel report found.

Among this big-spending generation are Julie and Jeremy Byth, both 43, who try to take an overseas trip annually as well as several domestic holidays.

Julie and Jeremy Byth try to take several trips each year.
Camera IconJulie and Jeremy Byth try to take several trips each year.Picture: News Corp Australia, AAP/Claudia Baxter

Mrs Byth said the biggest attraction of regular travel was “the quality time we get to spend together as a family”.

“Life at home gets really busy and you are caught up in the day-to-day.”

Mostly they travel with son Sinclair, 9, but also holiday with other family and friends.

Mrs Byth is a manager at a disability organisation and Mr Byth is a train driver. She said her age group had enjoyed the rise of flight discounts that had made air travel “almost a form of public transport”.

“Travel is easy to book and a lot more accessible because of how it’s evolved,” she said.

Suncorp’s executive general manager of stores and specialty banking, Jason Stephens, said people in their mid-30s to mid-50s had a high earning potential and more flexibility to spend than other generations.

“Travelling with children would also come into play, and could significantly increase the amount they spend,” he said.

“There is a stereotypical assumption that once you hit retirement age, every second week you’re jetsetting to a different location because you suddenly have all this free time.”

In reality, retirees were working longer, helping adult children with childcare, and receiving low returns on their cash savings, Mr Stephens said.

Suncorp’s research also found that one in four Australians were constantly saving for their next trip, 40 per cent still used cash to pay for expenses when overseas, but half were not always aware of exchange rates and fees.

Beyond Bank Australia’s general manager of customer experience, Nick May, said the 30s, 40s and 50s was an expensive time of people’s lives.

“It’s also a time when we are usually fit and healthy and keen to reward ourselves for all the hard work during the year,” he said.

“The best way to juggle travel costs is to budget and plan ahead.

“While credit cards can be a fast, easy and tempting option, they often come with high interest rates.”

TRAVEL SAVINGS

• Set yourself a realistic daily spending limit.

• Try saving a small amount each week in the lead-up.

• Let your bank know when you’re heading overseas.

• Always get travel insurance.

Source: Suncorp

@keanemoney





Source link Finance News Australia

Enter your Email Address

Leave a Reply

Your email address will not be published. Required fields are marked *

Social Media Auto Publish Powered By : XYZScripts.com