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.
He said: “That 60 per cent of Australians are postponing their international travel bucket list – and that nearly a third need over two years to save for their dream trip – reveals a growing gap between aspirations and affordability as they reshape their priorities. This financial strain is especially felt among 30-49-year-olds, the age group that is most likely to have a sizable mortgage and young family.
“Our research findings also indicate the need for comprehensive planning and protection for that dream trip to reduce financial risks. For example, with Europe being the top bucket list destination among respondents, and with airfares up to $2600, unexpected disruptions such as cancellations or lost luggage could make these trips even more financially burdensome for travellers.
“Travel insurance policies that offer coverage for cancellations, lost luggage, medical emergencies and other unforeseen events can give travellers added peace of mind during their holidays.”
| Do you have a travel bucket list – a list of ‘dream’ travel destinations and experiences you intend on enjoying in your lifetime? | % of all respondents | 18-29-year-olds | 30-49- year-olds |
Over-50s |
| Yes | 65% | 70% | 70% | 59% |
| No | 35% | 30% | 30% | 41% |
| Due to the tightening cost of living impacting disposable incomes, does it look like your bucket is further away? (multiple choice) | % of all respondents | 18-29-year-olds | 30-49- year-olds |
Over-50s |
| Yes, I am postponing ticking off my international travel bucket list | 60% | 57% | 68% | 53% |
| Yes, I am postponing ticking off my domestic travel bucket list | 30% | 32% | 30% | 29% |
| No | 29% | 28% | 22% | 36% |
| Which destinations are on your bucket list? (multiple choice) | % of all respondents | 18-29-year-olds | 30-49- year-olds |
Over-50s |
| Europe (culture and history) | 67% | 66% | 70% | 65% |
| USA (landmarks and cities) | 41% | 44% | 41% | 39% |
| Asia (food and adventure) | 53% | 61% | 60% | 43% |
| Africa (safaris and wildlife) | 23% | 27% | 21% | 22% |
| South America (nature and exploration) | 20% | 17% | 26% | 17% |
| Antarctica (remote and wilderness) | 18% | 9% | 19% | 21% |
| How long will you need to plan or save for your bucket list trip? | % of all respondents | 18-29-year-olds | 30-49- year-olds |
Over-50s |
| Less than 6 months | 11% | 15% | 8% | 11% |
| 6 months to 1 year | 26% | 32% | 24% | 26% |
| 1–2 years | 31% | 29% | 34% | 28% |
| 2–3 years | 15% | 9% | 15% | 18% |
| More than 3 years | 17% | 15% | 19% | 17% |
