Why you’re always broke after your holidays
JETSETTERS are failing to financially plan for their getaways, with many relying on credit cards and life savings, resulting in a holiday hangover.
The Suncorp Cost of Travel Report, a survey of more than 1500 Australians, has revealed nearly a third of holiday-makers don't save ahead for their vacations, and half rely on credit cards and life savings.
Australians collectively spend $63.6 billion each year on domestic and international travel - with the average individual spend being $3442 for Queensland holiday-makers.
Interestingly, 35 per cent of Queenslanders say they don't save for travel, which is higher than any other state.
"With Queenslanders spending an average of $3442 on domestic and international travel each year, it might come as a surprise that many jetsetters are failing to plan financially for their travel escapes," Suncorp spokesman Jason Stephens said.
"Queenslanders have a reputation for being fairly relaxed which may explain why 35 per cent of them don't save at all for travel - which is more than any other state or territory."
Mr Stephens said 41 per cent of those who did save ahead of time usually started about a year before their holiday.
"Obviously, the longer you can save the better - even if you don't have any specific travel plans but know you will holiday eventually, try putting a small amount away every week," he said. "Every dollar counts."
Flights were the highest cost for travellers, about $1443 on average, followed by accommodation ($1206) food ($703) and experiences ($459).
The research also found one in four holiday-makers don't purchase insurance when travelling overseas.
"Aussies are happy to spend hundreds on flights, food and accommodation, but many aren't taking steps to protect themselves and their valuables while they are away," Mr Stephens said.
"Holidays are absolutely meant to be fun and carefree, but we need to ensure our enthusiasm doesn't cloud our judgment when … deciding what's an essential expense."