Aussies’ thirst for travel remains undeterred amid ‘Cozzie Livs’ crisis

Research by Wise reveals Australians are tapping into a ‘YOLO’ mentality, continuing to prioritise international travel despite the cost of living crisis - and giving up some big things in order to do so

SYDNEY, AUSTRALIA 23 AUGUST 2023: New research commissioned by Wise, has shed light on the lengths Aussies are willing to go, to ensure their thirst for travel is quenched. The cost of living crisis, or ‘Cozzie Livs’ as it's more colloquially dubbed, is impacting Australians - but not to the extent where they’re willing to sacrifice international travel.

In the era of rent increases, high inflation, interest rate rises, stagnating wages and job instability; the Cozzie Livs crisis is well and truly alive in Australia. However, Aussies spirits are not disheartened when it comes to travelling, and despite it not being as affordable as it once was, the majority of Australians (59%) still have plans to travel internationally in the next 3 years.

Savvy savers make sacrifices

Aussies are making sacrifices in all aspects of life, big and small, to make strides to save. On average, Australians who refused to give up on one or more of these things could save an estimated $214 a month if they gave up one or more of these things. But it’s not just small things, it’s bigger personal plans too.

Jetsetters journey with joy (within reason…)

While there is still a strong appetite for travel, how Aussies travel has definitely been impacted by the Cozzie Livs crisis. Almost three in four (72%) Australians have had to change their travel behaviours including reducing how often they travel (30%); only travelling domestically (21%); prioritising free attractions or inexpensive activities when on holiday (16%); or only using budget airlines (11%).

Tristan Dakin, Australian Country Manager at Wise said “Despite the ever impending Cozzie Livs crisis wreaking havoc on Australia, it’s awesome to see Aussies haven’t lost their evergreen spirit for travel. People are making cutbacks in all areas of their lives in order to prioritise travel, and the savings don’t have to stop when you’re abroad. Our research found 33% of Aussies still use a credit card when abroad, which is one of the most expensive ways to pay for things because of the international transaction fees. Don’t let all the hard work of saving for your trip get wasted on hidden fees and marked up exchange rates - especially when there are competitive products in the market to use that will actually save you cash.”

“A multi-currency card means you can hold money in various currencies, and spend in the local currency wherever you are in the world. It’s by far the cheapest option for travellers especially in comparison to debit and credit cards, meaning more of the money you’ve saved is spent on things you want, rather than ending up in the pockets of banks,” Dakin concluded. 

Wise offers the ability to hold over 40 currencies in your multi currency account so you can manage your money; provides two free ATM withdrawals of up to $350 per calendar month so you can spend like a local, and it also provides access to local account details in 9 currencies so you can get paid like a local.