Will You Be Heading Overseas Soon?
So how do seniors feel about heading overseas at the moment? How do we feel about overseas travel restrictions and sitting next to unvaccinated passengers? In a recent survey by Savvy of 1,000 Australians, about a third of which are over 55 years old (353 of the total) most senior respondents said they are positive about the reopening – 55% of 55-64s and 56% of over 65s saying that border openings would be beneficial for the country.
As for why we’re heading overseas, the overwhelming majority said to have a holiday or for recreation – 64% for both senior cohorts. 20% of 55-64s and 21% of over 65s responded that they’d be going overseas to visit family and friends.
Most of us would visit New Zealand and the Pacific Islands (27% for 55-64s/25% for over 65s) followed by Europe (21%/15%) and Asia (15%/18%).
As for sitting next to unvaccinated passengers, 44% of 55-64s and 59% of over 65s would feel “very uncomfortable” at the prospect – with only 17%/8% saying they’d be comfortable with it.
How Much We’ll Spend
A plurality of responses said they’d spend between $5,000 and $10,000 on their next trip (32%/29%) and about 10% of both cohorts saying they’d spend $10,000 to $15,000. A trip of a lifetime is a priceless experience – but we need to consider the real costs. Savvy Managing Director Bill Tsouvalas says that seniors should compare personal loans of over $10,000 online instead of dipping into super or other costly methods. “Taking more out of your super means less performance in the future – you’ll still need it for a couple decades yet. Putting it on the credit card will also eat up earnings in huge interest bills. The most cost-effective way is to take out a personal loan, as all repayments mean you head towards a zero balance.”
Remember to Stay Safe
Though we have some tips on how to stay safe and healthy overseas, our age group is still worried about catching COVID-19 (34%/32%) as it can disproportionately affect older people; but our biggest worry is not being able to return home due to quarantine changes (41%/46%). The Department of Foreign Affairs and Trade SmartTraveller recommends travel insurance for all Australians travelling overseas – take out a premium and know what’s included before you go. “Some credit cards come with complimentary travel insurance,” Tsouvalas says, “but read the fine print. Do they cover lost luggage? Do they cover emergency medical, especially in places like the United States? Flight cancellation insurance? Taking out a comprehensive plan on top of what you think you have is always the best way to cover yourself.”
Remember to consult a financial professional before committing to any credit or insurance purchase.
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