Holiday money disasters haunt Aussie travellers

Aussies may have a reputation as savvy travellers, but when it comes to our holiday finances a new survey out today shows that money disasters are taking the sheen off the typical Aussie holiday.

The ‘Holiday money misery’ survey¹ from financial comparison website Mozo reveals that excessive budget blowouts, travellers' scams and lost or stolen funds are a surprisingly typical part of the Aussie holiday experience.

36% of Aussies admit to having seriously overspent their budget on at least one recent holiday, and 21% are guilty of such excessive holiday spending that they’ve run out of money mid-trip.

Budget blowouts may be the most common holiday money disaster, but one in five Australians have had a holiday ruined by lost or stolen funds. 12% have had their money stolen or scammed while on holiday, and a surprisingly careless 10% have lost their cash, traveler’s cheques or cards mid-trip.

Mozo managing director, Rohan Gamble, said, “Australians are known as some of the world’s best travellers, but it seems that for many of us, this doesn’t extend to our holiday money management skills.”

“There are some simple steps travellers can take to ensure their holiday is not mired in financial misfortune. Our advice is to use a debit card or pre-paid travel card to cap holiday expenses, store cash and cards separately so they won’t all get lost or stolen at once, and familiarise yourself with local currency and exchange rates before you leave so you don’t overpay or get shortchanged.”

Mozo’s survey of 600 Aussie travellers found that, for many, the money misery begins in earnest when they return home. 24% have taken longer than six months to pay off a holiday credit card debt and 10% have racked up more than $10,000 in holiday debt.

23% have had to make serious budget cutbacks to pay off a holiday, 17% have had to borrow money from family or friends and 10% have had to work overtime or a second job.

Mozo has launched Australia’s first travel money comparison service to help travellers find the cheapest holiday money options for their needs. Travellers can compare today’s foreign exchange rates and fees from the major currency providers, check the charges involved in using their debit and credit cards overseas and find the best pre-paid travel card for their needs.

Australians can compare travel money options and cut the cost of their overseas holiday by visiting mozo.com.au/travel-money.

More findings from Mozo's 'Holiday Money Misery' survey:

• 23% of travellers have seriously overpaid for goods or services while on holiday and later regretted it
• 33% have wrongly calculated an exchange rate and paid way more than they thought as a result
• 29% of travellers have returned home to receive a bank or credit card statement containing unexpected or confusing charges from their holiday
• Less than half (47%) of holidaymakers shop around for the best travel money option and provider before they jet off
• 33% of holidaymakers are unaware of foreign currency commissions. 20% are unaware of foreign cash withdrawal fees, and a further 20% are unaware of cash advance charges