Now that Australia has hit its 80% COVID-19 vaccination target, international borders are re-opening and travel overseas is slowly but surely resuming. Even quarantine requirements for returning travellers are being expedited or waived as the borders return to normal. But how do students feel about all this, being effectively shut out of the world for almost two years?
To find out, we asked Savvy. Savvy has just conducted a sentiment survey of 1,000 Australians, of which 122 are between the ages of 18-24. What do they think about heading overseas? Where are they headed? What are they going for? Do they have concerns? What about costs? What’s the best way to compare personal loans?
Here’s what the data shows us:
Positive and confident – depending on the COVID policy
According to the survey, 64% of student-aged Australians are more positive than not about the border re-opening, with 30% saying they are both “positive and confident” about the prospect of going abroad again.
As for where they’d go, 42% said that the COVID policy of their destination would “very significantly” influence their choice.
The top three travel destinations are New Zealand and the Pacific Islands (32%), Asia (20%), and Europe (20%).
The overwhelming majority are going overseas for a holiday (69%) followed by visiting relatives or friends (26%). Only 2% are going overseas for work related activities.
As for whether they’d be willing to travel with unvaccinated passengers, 53% said they’d be more uncomfortable than not.
The biggest concern for student-aged Australians is whether they’d be able to return home due to quarantine restrictions – almost half (49%) saying so. 25% are worried about catching COVID-19, and 20% are worried about the cost of airfares.
Cost and Time
The cost of airfares is a big concern, and most 18–25-year-old Australians say they’d spend between $5,000 to $10,000 on their next international trip (46%). Though there are a lot of ways to save money and budget as we’ve discussed here, one of the ways to manage your holiday money is to apply for a personal loan.
Personal loans come in all shapes and sizes – and some loans come with frequent flyer points. Some pointers from Bill Tsouvalas, Managing Director of Savvy are that you should always shop around first and be mindful of your budget; never just accept the first offer from your bank. “Banks should be one option, not your only option,” he says. “You need to look at loans with the same loan term and loan amount to get a real picture of costs. You should also look for the comparison rate and not just the advertised interest rate, as that gives you most fees and charges bundled into one figure.”
Other loans may have additional flexibility with repayments – and the best way to find out what’s right for your next holiday or overseas trip is to consult a broker. “They may be able to find student-oriented loans that suit your needs. It’s better to get many different quotes at once instead of going it alone.”
Remember to consult a financial adviser if you’re unsure about loans or credit products.