7 in 10 Aussies to postpone their travel bucket lists under tightening budgets

New research has revealed that 71 per cent of Australians are postponing ticking off their travel bucket lists due to tightening budgets, with almost a third (31%) saying it would take them one to two years to plan or save for such a trip.

The findings come from a survey of an independent, nationally representative panel of 1006 Australians commissioned by award-winning travel insurance provider Insure&Go to gauge the impact of ongoing cost-of living pressures on luxury spending such as travel.

Insure&Go found that 65 per cent of respondents have a bucket list of dream travel destinations that they would like to experience in their lifetime. However, due to cost-of-living pressures, 60 per cent have had to postpone international travel and 30 per cent have held off on domestic bucket list trips. Almost two-thirds (63%) will need to save more than a year for their bucket list trip, while almost one-third (32%) will need to save for more than two years.

Over the 12 months to the September 2024 quarter, Living Cost Indexes in Australia rose between 2.8 and 4.7 per cent. The most significant contributor to the increases was mortgage interest charges, which rose 18.9 per cent over the year.[1]

The cost of travel also rose in the aftermath of COVID lockdowns and the Russia and Ukraine war, as tourism operators recoup losses and struggle to meet demand due to supply and staffing constraints.[2] In 2025 travellers can find international return airfares from Sydney to many cities in Europe – the most popular bucket list destination among Insure&Go’s survey respondents, at 67 per cent – between $1800 and $2600.[3] The international travel market is still recovering, with the number of residents returning to Australia from short-term trips reaching 98 per cent of pre-COVID volumes in 2023-24.

Over-30s most likely to hold off under financial pressures

Survey respondents aged 30-49 are most likely to hold back on ticking off their domestic and international travel bucket lists due to a lack of disposable income: 78 per cent indicated they will postpone either their domestic or international bucket lists.

Over-50s respondents are least likely to hold back, with 64 per cent holding off on either their domestic or international bucket lists, suggesting that this age group has fewer financial responsibilities and had more opportunity to tick off some of their bucket list items without cost-of-living pressures hamstringing their holidays.

Top three bucket list destinations

Insure&Go asked respondents where their bucket list destination is. Europe topped the list for 67 per cent of respondents, followed by Asia (53%) and the USA (41%). Those aged 30-49 are most likely to flock to Europe for its culture and history (70%), followed by 66 per cent of under-30s and 65 per cent of over-50s.

Under-30s also had Asia high on their bucket list (at 61%), likely due to the destination’s affordability. Older generations aged 30-49 and over 50 are interested in the remote wilderness experiences of Antarctica, at 19 per cent and 21 per cent respectively – twice the interest of under-30s who chose this destination (at 9%).

Insure&Go, Commercial and Marketing Director, David Mayo says the travel options are endless and encourages travellers to keep aiming toward fulfilling their bucket list.

About InsureandGo

InsureandGo (InsureandGo.com.au) is one of Australia’s award-winning online travel insurance specialists. Since it was established in Australia in 2012, InsureandGo has covered more than 2 million Australian travellers. Owned by Europ Assistance, which operates in more than 200 countries, InsureandGo has an expansive, 24/7 global assistance network. InsureandGo Australia has won numerous awards and recommendations for its services including the 2024 Canstar Award for Outstanding Value in ‘Outstanding Value – International Travel Insurance’ for the second consecutive year and ‘Outstanding Value – Seniors Travel Insurance’ for the third consecutive year, the 2024 WeMoney Award for ‘Best for Seniors Travel Insurance’ for the second consecutive year, the 2023 Finder Award for Travel Insurance – Domestic, and the 2023 WeMoney Award for ‘Best for Value – Cruise Travel Insurance’. More information about InsureandGo’s awards can be found here: https://www.insureandgo.com.au/travel-insurance-awards/.

This insurance is underwritten by Mitsui Sumitomo Insurance Company Limited (MSI), ABN 49 000 525 637, AFSL 240816. Europ Assistance Australia Pty Ltd, ACN 140 219 594, AFSL 552106, trading as InsureandGo and other brands, holds a binding authority from the insurer, MSI to issue contracts of insurance and to deal with or settle claims on MSI’s behalf and as MSI’s agent. Any advice is general advice only and does not take account of your particular circumstances. Before purchasing, decide whether this product is right for you. Consider the PDS and TMD at www.insureandgo.com.au/policy-wordings.