With the New Year already in full swing, many Australians are setting their savings goals for 2025 — and travel tops the list. According to a survey by Money.com.au, nearly half of Aussies (49%) are making saving for travel their biggest priority this year.
Money.com.au’s survey revealed other major savings goals for Australians, including building an emergency fund (44%), putting aside retirement savings (32%), buying a house (25%), and investing in shares or property (19%). A nationally representative sample of 1,000 respondents were asked to list their top two savings goals.
Money.com.au’s finance expert, Sean Callery, says Aussies are looking for balance between focusing on leisure and more pragmatic financial goals.
“Travel is clearly a priority for Australians heading into 2025, ahead of other major financial goals like buying a house or investing. This highlights a growing trend of valuing experiences and making memories, alongside traditional financial security and planning for tomorrow,” he says.
“A third of people we surveyed said they spend up to a year saving for a trip which shows just how much value Australians place on travel and the time they’re willing to invest to make it happen.”
Among generations, Boomers were the most likely to list saving for a holiday as their top goal (54%), followed by Gen Z (52%), Millennials (48%), and Gen X (47%).
Across states, Western Australians led the pack, with 54% prioritising travel savings, followed by Queenslanders (53%). South Australians (47%) and residents of New South Wales (46%) were the least likely to focus on travel savings.
“Western Australians have a natural travel advantage with their closer proximity to destinations like Bali and Singapore, which are consistently among the most popular choices for Australians,” says Sean.
Tourism booms despite rising holiday costs
Holiday travel and accommodation prices rose 8% in the 12 months to October 2024, according to the ABS Monthly Consumer Price Index Indicator.
At the same time, tourism GDP grew by 9.1% in the 2023/24 financial year, driven in part by tourism consumption — spending by tourists on goods and services that contribute to our
economy. Domestic tourism consumption rose by 1.7% in the past 12 months to $160.2 billion.
