A NEW survey from Finder has revealed that around 3.6 million travellers are purchasing trips that go beyond their financial means, highlighting that travel remains a top priority for Aussies despite the cost-of-living crisis gripping the nation.
The research found 5% of Australians went into debt so they could travel, while 5% had to borrow money from family or friends and a further 6% reluctantly had to cancel their plans due to affordability problems.
Young Australians were more likely to say they’d taken a trip despite facing financial constraint, with 35% of Gen Z admitting they had blown their travel budgets, versus only 1% of Baby Boomers.
Angus Kidman, travel expert at Finder, said travellers shouldn’t ignore their financial reality when planning a getaway.
“Your post-holiday glow will quickly fade when you’re faced with substantial debt that can take years to clear.”
“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,” he warned.
Kidman suggested looking for more affordable ways to enjoy a holiday, such as house swapping or staying with family in another city to save on accommodation costs.
