Baby Boomers have done it again! New data from the Commonwealth Bank has revealed that the Baby Boomer generation is the least likely generation to be a target of theft (23 per cent), as well as being the most likely to have travel insurance, with 76 percent of Baby Boomers travelling insured.
The data also revealed that those aged 70+ put their safety first, with 42 per cent of people avoiding destinations if there is a risk to their safety. They’re also the most likely to be insured (84 per cent) and are significantly less likely to lose their possessions. Way to go, Baby Boomers!
While it looks good for the Boomers, Aussie travellers in general are being hit with close to a billion dollars in costs each year, with more than half of those reporting having money stolen while on holiday.
Read more: 7 tips to help you save for your next trip
All these money misadventures are hitting Australian travellers both emotionally and in the hip pocket.
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Nearly a third of the two-and-a-half million people in the sample didn’t have insurance, meaning their travel misadventures cost them outright, and another third said the mishaps caused significant levels of stress. More than a quarter reported having to change their holiday plans because of the incidents.
Generation Y is the most likely to lose possessions while travelling (46 per cent) and are the least likely to be insured (68 per cent). Interestingly, Generation X is the most likely to report that safety is an important factor in considering a holiday destination, despite one in three not being insured.
Read more: Here’s an essential safety tip travellers need to know
With travel misadventures costing Aussies nearly one billion dollars each year, the Commonwealth Bank has a few recommendations for travellers heading abroad, including:
- Carry a mixed wallet while you’re away. A mixed wallet with a combination of local currency, a credit or debit card and a backup card for security is ideal.
- Plan your finances – give yourself enough time to plan things like your travel budget and insurance, and check currency in the lead up to your travel date for the best conversion price.
- It’s also important not to forget to do little things like cover your pin at ATMs and don’t carry around large amounts of cash.
Do you agree with the findings about Baby Boomer travellers? Let us know in the comments below.