Increase in unused travel credits for seniors and retirees

New data reveals that around 1 in 5 (21%) Australians over the age of 50 have accumulated travel credits from cancellations in the past two and a half years – so why aren’t they using them?

According to research by Australian Seniors, in partnership with consumer research group CoreData, almost three-quarters (74%) of over-50s are already planning their next big holiday, but their outlook on travel has changed.

The Travel Trends Report 2022 surveyed over 1,000 Australians over the age of 50 and found that factors such as the pandemic, ongoing international conflicts, the effects of climate change and widespread uncertainty have changed habits and habits. travel preferences.

The rising cost of living has also impacted seniors’ return to domestic and international travel, with the vast majority (80%) believing that travel is becoming increasingly difficult to afford these days.

To finance their next vacation, a large number admit to emptying their savings (86%), spending the inheritance of the child (14%), tapping into the super (10%) or taking out credit cards or personal loans ( 9% ).

While Australians could use their accumulated travel credits to help reduce the cost of travel during this time, the report found that almost four in 10 Australians say they are difficult or confusing to use.

With cost of living pressures continuing to rise, most seniors (90%) also don’t feel comfortable traveling abroad without travel insurance.

Data suggests that the majority (74%) of Australian seniors are reluctant to visit Eastern Europe due to war threats in Ukraine, as well as Turkey and the Middle East due to conflict and terrorism in courses (64%).

Almost two-thirds (63%) have similar concerns about traveling to Hong Kong, China and South Korea due to ongoing COVID-19 health orders and lockdown measures in those regions.

Many seniors (66%) have waited three years or more since their last major holiday, and nearly a third (29%) are planning a European getaway in 2022 – topping the list of most popular destinations.

As more than half (54%) remain aware of the risks associated with COVID-19, interstate travel to Australian destinations follows a close second (23%), with more than a third (36%) more likely to consider traveling to Australia now that two years ago.

Associate Professor of Tourism at the University of Queensland, Gabby Walters, said this was great news for Australia’s tourism sector.

“Regional and coastal tourist locations that can continue to expect regular visits from the senior market, as traveling within the country presents far less risk and more certainty when planning trips for the elderly “said Ms. Walters.

“Travelling to overseas destinations today requires a lot more planning and preparation compared to pre-COVID times.

“There is also uncertainty around COVID-related foreign policies and travel restrictions, access to medical treatment if needed, and many foreign countries are still in recovery mode.”


Want to earn a fixed interest rate on your money? The table below shows term deposits with some of the highest interest rates on the market for a term of six months.


At maturity $product[$field[“value”]] $product[$field[“value”]] $product[$field[“value”]] 5000 $product[$field[“value”]] $product[$field[“value”]] More details
Annually, at maturity $product[$field[“value”]] $product[$field[“value”]] $product[$field[“value”]] 1000 31 $product[$field[“value”]] $product[$field[“value”]] More details
Annually, at maturity $product[$field[“value”]] $product[$field[“value”]] $product[$field[“value”]] 1000 31 $product[$field[“value”]] $product[$field[“value”]] More details
Annually, at maturity $product[$field[“value”]] $product[$field[“value”]] $product[$field[“value”]] 250000 $product[$field[“value”]] $product[$field[“value”]] More details
Annually, at maturity $product[$field[“value”]] $product[$field[“value”]] $product[$field[“value”]] 1000 31 $product[$field[“value”]] $product[$field[“value”]] More details
Annually, at maturity $product[$field[“value”]] $product[$field[“value”]] $product[$field[“value”]] 5000 31 $product[$field[“value”]] $product[$field[“value”]] More details
  • Interest may be paid to another institution
  • Automatic renewal of the deadline
  • Early withdrawal available
Annually $product[$field[“value”]] $product[$field[“value”]] $product[$field[“value”]] 1000 31 $product[$field[“value”]] $product[$field[“value”]] More details

The products that appear in the table above are initially sorted based on a variety of factors, including the availability of a direct link to the vendor’s website and other business factors (see How We Get Paid). However, the comparison table allows calculations to be made on the variables selected and entered by the user. Certain products will be marked as promoted, featured or sponsored and may appear prominently in tables regardless of their attributes. Data may not be available for some products. This is indicated in the tables by not showing an available product for the relevant term. Minimum deposits, withdrawals, conditions and other fees and charges may apply. The above is prepared without taking into account your objectives, financial situation or needs, so please consider its suitability for your circumstances. General information and terms and conditions can be found on each provider’s website. Rates correct as of September 29, 2022. See disclaimer.

Image by Kampus Production via Pexels.