Invest
The holiday hangover costing Aussies $4.6bn a year
Australian holiday-makers go big and don’t want to go home, with 15 per cent of us failing to plan for post-holiday expenses and 58 per cent blowing the budget altogether.
The holiday hangover costing Aussies $4.6bn a year
Australian holiday-makers go big and don’t want to go home, with 15 per cent of us failing to plan for post-holiday expenses and 58 per cent blowing the budget altogether.
That’s according to CommBank’s latest figures, released to coincide with the beginning of the northern hemisphere’s summer season.
According to the research, 58 per cent of Australian travellers return home from holidays having overspent by an average $1,554 per person. That’s a national total of $4.6 billion.
“Despite advice from family and friends and budgeting tips and tricks for travellers online, over half (55 per cent) said they made an educated guess when working out their holiday spending money. Even more concerning was that a third (33 per cent) aren’t putting aside extra spending money for unexpected expenses or overspend,” said Michael Baumann, CBA general manager of everyday banking and payments.
“It’s always advisable to set aside emergency savings that can easily be accessed or transferred.
“It’s also important that travellers are realistic about what they can afford while travelling and keep track of their spending to ensure they are sticking to their holiday budget.”
Our bad habits in numbers
The research pointed the finger at Aussies’ “relaxed attitudes” to budgeting while on holiday.
- 26 per cent don’t save any spending money before they go;
- 21 per cent travel without a budget;
- 36 per cent track their spending daily;
- 28 per cent make up the slack when they get home by staying in or eating cheaply;
- 15 per cent don’t factor in the recurring home expenses when they’re away, or for when they get home;
- 67 per cent say they’re most likely to throw out the budget in the last few days of holidays;
- 78 per cent of Aussies turn to emergency savings and credit cards when they run out of holiday cash;
- 31 per cent of Gen Z travellers ask mum and dad for help when their holiday money runs low; and
- 31 per cent consider fluctuating exchange rates a “real concern”.
CommBank suggested travellers make a plan for the regular expenses they occur while they’re away and have money put aside to cover them upon return.
The bank also suggested savers use holiday “downtime” to review spending, especially in the last few days.
“Make it easy to check in regularly on your holiday budget by choosing a travel money card that is easily accessible through an online app,” it added.
Carrying a wallet with local cash, a travel money card and a personal credit or debit card can help save travellers from having to phone a friend for emergency cash, while locking in the exchange rate through a travel money card can also save spenders from rate fluctuations and keep them in control of their spending.
Spending
Aussies splash record cash for Black Friday and Cyber Monday
More than $8 billion was spent between the two shopping holidays, according to NAB estimates. ...Read more
Spending
Festive shopping expected to be bigger and earlier than ever
Australians are set to spend $60 billion at retailers across the country. ...Read more
Spending
Aussies’ spending on subscription rises, but will it stick?
Aussies carved out a greater slice of their spending budgets when it came to streaming services during the pandemic. ...Read more
Spending
Qantas announces $2.3bn loss but plans to be flying again by Christmas
Australia’s national carrier has revealed the devastating impacts border closures have had on the company, while noting a possible return date to international operations in its full-year market upd...Read more
Spending
Will your frequent flyer status be impacted by COVID?
In the latest bid to kick-start the travel industry post-lockdowns, Australia’s largest airline has announced that it is rewarding its frequent flyers by extending their status. ...Read more
Spending
‘Technology, not taxes’: Why not both?
The government has joined the rest of the world in looking to offset carbon emissions, albeit through technology, not taxes, despite the possibility that positive taxes and incentives could potentiall...Read more
Spending
Social media spending balloons to $118bn
Australians are spending a whopping $118 billion on discretionary items through social media and apps, fresh figures have revealed. ...Read more
Spending
Why payphones are set to become free
Australians will now be able to make free calls from any Telstra payphone under a new initiative aimed at helping those who are in need, Telstra’s CEO has revealed. ...Read more
What Omicron means for property, and are units right for first-time buyers? What is equity crowdfunding? Are industry super funds tapping into member funds to save their skins?
Listen now
Will housing affordability improve in 2022? Will buy now, pay later become the norm? Why are Aussies staying in failing super products?
Listen now
Who really benefits from crypto ETFs? How will the RBA respond to rising inflation? Could a mandate help address unpaid super?
Listen now
How the post-lockdown period will influence property, what the soaring NFT market means, and defining financial wellness
Listen now
Spending
Aussies splash record cash for Black Friday and Cyber Monday
More than $8 billion was spent between the two shopping holidays, according to NAB estimates. ...Read more
Spending
Festive shopping expected to be bigger and earlier than ever
Australians are set to spend $60 billion at retailers across the country. ...Read more
Spending
Aussies’ spending on subscription rises, but will it stick?
Aussies carved out a greater slice of their spending budgets when it came to streaming services during the pandemic. ...Read more
Spending
Qantas announces $2.3bn loss but plans to be flying again by Christmas
Australia’s national carrier has revealed the devastating impacts border closures have had on the company, while noting a possible return date to international operations in its full-year market upd...Read more
Spending
Will your frequent flyer status be impacted by COVID?
In the latest bid to kick-start the travel industry post-lockdowns, Australia’s largest airline has announced that it is rewarding its frequent flyers by extending their status. ...Read more
Spending
‘Technology, not taxes’: Why not both?
The government has joined the rest of the world in looking to offset carbon emissions, albeit through technology, not taxes, despite the possibility that positive taxes and incentives could potentiall...Read more
Spending
Social media spending balloons to $118bn
Australians are spending a whopping $118 billion on discretionary items through social media and apps, fresh figures have revealed. ...Read more
Spending
Why payphones are set to become free
Australians will now be able to make free calls from any Telstra payphone under a new initiative aimed at helping those who are in need, Telstra’s CEO has revealed. ...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
