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South Africans opt out of travel bucket list

Sep 17 2017 15:33

Cape Town - South Africans are continuing to tighten their belts, skipping holidays and rather prioritising daily necessities.

Despite the recent technical recession coming to an end, Ntombi Tisani, head of marketing at Old Mutual Personal Finance, said rising food and petrol prices and a shaky economic outlook are forcing many to cut their domestic travel budgets.

The number of South Africans saving for a holiday declined by 8% since 2009, according to the Old Mutual Savings and Investment Monitor. It further found that only 10% of the respondents cited holidays as their savings objective in 2017 compared to 18% in 2009.

StatsSA, in its Domestic Tourism Survey, also found that fewer South Africans are considering domestic travel, citing lack of funding and disposable income as the main reasons they are reducing their travel.

These trips are seen as luxuries and funds are being put toward daily necessities instead. Tisani, however, is of the view that South Africans can make their travel bucket list a reality by having a proper plan in place.

"The experiences we get from travel are priceless and with enough time and proper planning, you can make it a reality."

She recommended working with a financial adviser to help structure a financial plan to achieve life goals, which may include travel goals.

"In contrast, poor financial planning could result in an increased dependence on debt and have long-lasting negative financial consequences."

Tisani noted that people should always be realistic when it comes to their money and what they can afford.

"This may mean putting off an international trip for a year or two, opting for local travel or simply choosing to staycation – a holiday spent at home involving day trips to local attractions."

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