Research reveals how long it takes Aussies to save for a holiday
Saving up for a holiday can seem like an overwhelming task, but some destinations are easier to save for than others.
According to new research by money.com.au, nearly a third of travellers - or 31 percent - need on average a year to save for a trip, while 29 percent of Aussies save for up to six months before jetting off.
For 18 percent of travellers, it takes more than a year to save for a trip, while just 13 percent of Aussies manage to save for a holiday in less than three months.
On the flip side, 7 percent of eager travellers decide to skip saving altogether and cover their holiday expenses fully on a credit card, while just 2 percent opt for a personal loan to fund their trips.
Money.com.au's Finance Expert, Sean Callery said of the survey, "Our research also shows that travel is the one expense Australians aren't willing to forgo, no matter their financial goals or income level."
"Going into debt for a holiday brings additional costs and risks. It's important to have a plan for clearing the debt as quickly as possible."
With these saving trends in mind, the experts have crunched the numbers to estimate how long it would take the average Aussie to save for a trip to the most popular overseas holiday destinations.
The saving time for each location was calculated based on a 10 per cent savings rate of the average weekly earnings of $1,923.40 (from ABS data).
Two of the quickest destinations to save for are China and Thailand, while other destinations the experts say you can save for in around half a year include New Zealand, Vietnam and Singapore.
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