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House or travel? Australians decide


Despite our love for travel, and dislike of mortgages, nearly twice as many Australians would rather own a home than travel, a new survey has revealed.

Nearly two in three (64%) respondents in the study, which was conducted by travel insurer InsureandGo, thought it more important to achieve property ownership in life than see the world (36%). 

 

Predictably, travel was found to be more important for younger generations, with half (50%) of those aged under 30 believing travel to be more vital in life, followed by two in five (41%) 35 to 44-year-olds, two in three (36%) 45 to 54-year-olds, and three in ten (28%) 55 to 64-year-olds.

 

But when it comes to what they would regret more, the results were a little closer. 

 

 

Of those polled, three in five (59%) said they would regret not owning a property by the time they were 45 years old, while almost the same number (55%) of 25 to 34-year-olds and one in three (33%) of those aged over 55 said they would regret not travelling.

 

“It’s clear that baby boomers and millennials have different priorities, particularly when it comes to their financial goals,” InsureandGo spokesperson Jonathan Etkind said. 

 

“Where the older generations are more accustomed to the idea of travelling after retirement, their younger counterparts would much prefer to travel before then. 

 

“On the other hand, the Australian Dream for most baby boomers includes home ownership, while millennials are not as fixated on the idea. 

 

“Perhaps owing to the current state of housing affordability, it seems they would rather spend their money on experiences than investments.”

 

To help travellers budget for big trips, InsureandGo recommends Aussies know their budget limit from the start, have a buffer fund, decide on their non-negotiables, create budget spreadsheets or use budgeting apps, look for the best deals by avoiding tourist traps and factor in travel insurance. 

 

“For those Aussies thinking of taking a holiday in the near future, one thing that can save them a great deal is purchasing a travel insurance policy prior to going on their holiday,” Mr Etkind said. 

 

“Without travel insurance, overseas medical treatment can cost hundreds – even thousands – if something goes unexpectedly wrong.”

 

What do/did you prioritise?

 

Do you think a 45yo would regret not travelling more than not owning property, and vice versa?

Total

25-34 years

35-44 years

45-54 years

55-64 years

65+ years

I think a 45yo would regret not travelling more, rather than not owning property

41%

55%

46%

38%

33%

32%

I think a 45yo would regret not owning property, rather than not travelling

59%

45%

54%

62%

67%

68%

 

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Written by: Mark Harada
Published: 23 September 2019


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