Cash a liability for young Australian travellers

09/29/2014

Australia - New research released today reveals that more than three quarters of young Australian travellers (78%) have lost cash whilst overseas. Some of the reasons cited for losing money included being deliberately short-changed (48%), confusion with the local currency (37%) and losing a wallet (26%).

The 2014 Visa Young Travellers Report provides a revealing snapshot of the holiday spending habits and payment methods of Australians aged 18-29 years, the majority of whom (78%) have been overseas.

The results show that losing cash while travelling is one of the top three fears for Aussie travellers, alongside losing a passport and getting sick from food. Eighty-five per cent of respondents agreed that they worry about carrying large amounts of cash when travelling.

Of those who reported losing 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.

When cash is lost, more than half of young Australians (51%) rely on their credit card or savings as a back-up plan, closely followed by their parents.

The Visa Young Travellers Report also uncovered that although buying souveniers is an essential part of the holiday experience, Aussies are not choosing them wisely. Many regret purchasing items that lack personal meaning, such as fisherman’s pants (55%), fake DVDs (53%) and novelty t-shirts (46%). More than half of the respondents also admitted to poor haggling skills.

Robert Walls, Visa Head of Products, Australia, New Zealand & South Pacific, 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.”

Visa has a range of products to suit all travelling needs including the Visa Prepaid Travelmoney card, Visa debit cards and Visa credit cards. Visa Prepaid Travelmoney cards can be used anywhere Visa cards are accepted, including stores, online, over the phone and at over two million ATMs worldwide. Visa cards also offer protection against unauthorised or fraudulent purchases through Visa’s Zero Liability Policy .

For more information on Visa’s travel offering, visit travel.visa.com

 

Note to Editors:
The study was conducted by Lonergan Research. Lonergan Research is a full service research agency registered with the Australian Market and Social Research Society. The study was conducted online amongst members of a permission based panel of 1,006 Australians, aged 18 to 29 years. Fieldwork was conducted in two stages from 28th March to 7th April 2014 and then from 5th September – 10th September 2014.

About Visa Inc.
Visa Inc. (NYSE: V) is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world's most advanced processing networks — VisaNet — that is capable of handling more than 56,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa's innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, pay ahead of time with prepaid or pay later with credit products. For more information visit www.visa.com.au and @VisaNewsAU.

Media Contact:
Thomas Hann
Porter Novelli on behalf of Visa
02 8987 2135 / 02 408 880 536
thann@porternovelli.com.au