The 2014 Visa Young Travellers Report has revealed that more than three quarters of young Australian travellers (78%) have lost cash whilst overseas.
The report discovered spending habits and payment methods of Australians aged 18-29 years, the majority of whom (78%) have been overseas.
According to the report, respondents shared being short-changed (48%), having confusion with the local currency (37%) and losing their wallet (26%) were the three main contributors towards lost cash.
Of those who have lost cash, 73% felt it reduced their enjoyment of their holiday in some way, with 34% feeling inconvenienced, 41% being more cautious for the rest of the trip and 30% not trusting people. One in five (20%) went as far to say that losing cash ruined their day or part of their trip.
Half of young Australians (51%) rely on their credit card or savings as a back-up plan when cash is lost.
The Visa Young Travellers Report also uncovered that many travelers regret purchasing items that lack personal meaning, such as fisherman’s pants (55%), fake DVDs (53%) and novelty t-shirts (46%).
Visa, head of product for Australia, New Zealand and South Pacific Robert Walls said, “Electronic payments are the future of global travel, particularly for younger generations who have grown up with a host of payment technologies at their fingertips. With a number of easy and secure payment options, there’s no reason for travellers to be carrying large amounts of cash overseas.”
Expert travel tips from Visa:
‚úì Before you go, organise a Visa Prepaid Travelmoney card which can be replaced if lost or stolen
‚úì Memorise your PIN, as some countries no longer accept signatures
‚úì Keep your cards in separate places
‚úì Stick to your budget with a daily spending limit in local currency to avoid exchange rate confusion and over spending
‚úì Choose souvenirs with personal meaning that remind you of the places you’ve been
‚úì Avoid impulse purchases by checking they will fit within your travel budget and your luggage
‚úì Keep copies of shopping receipts so you can check them against your statement when you get home
For more information about the products Visa can offer travellers visit here.
