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(Financial) planning for a holiday?
While well travelled, Australians aren’t financing travel well – returning home with phones full of pictures but wallets full of debt, according to the Financial Planning Association of Australia (FPA).
(Financial) planning for a holiday?
While well travelled, Australians aren’t financing travel well – returning home with phones full of pictures but wallets full of debt, according to the Financial Planning Association of Australia (FPA).
In recognition of World Financial Planning Day, FPA has expressed a desire to encourage Australians to #PlanWell2LiveWell “so we can see more of our beautiful country and travel overseas without financial regret”.
The FPA cited Commonwealth Bank data that found Australians had overspent on international travel by more than $900 million, while close to half of all travellers surveyed hadn’t bothered to set a budget before leaving for an overseas trip.
Certified financial planner and CEO of FPA, Dante De Gori, said that “too often, we hear of well-meaning Australians who have embarked on a holiday before they were financially prepared”.
“They got caught up in the years of dreaming and organising, and came home saddled in debt.”
This World Financial Planning Day, he said the organisation really wants Australians to understand “that if you don’t have a good grasp of your financial situation before you depart for your travels, your finances are more likely to unravel while you’re on the road”.
He offered up some words of wisdom:
“Set your goals. Budget your everyday expenses and savings, manage your debt, invest wisely, and get appropriate travel insurance. And if you’re planning to use your retirement to see more of the world, plan early for that stage of life.”
He also advised would-be explorers to “make a plan with a certified financial planner professional now to live well later”.
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