New research has revealed that “money misadventures” are costing Australian travellers almost $1 billion each year – but worse still, nearly a third of Australians remain uninsured while travelling.
The Commonwealth Bank research found that money misadventures - including lost or stolen money or possessions, debit and credit card currency conversion fraud, or missing a flight - are causing Australian travellers to lose money, with money theft ranking as the number one cause of travel money misadventure.
The study, carried out by ACA Research, revealed that money misadventures are costing Australian travellers $990 million each year, 59% of which was due to money theft,
ITWire reported.
Aside from losing money and possessions, the study also found that mishaps caused 34% of travellers significant levels of stress and another 27% to change their travel plans because of the incidents.
Michael Baumann, GM, everyday banking and payments, Commonwealth Bank, said travellers should have the “right payment mix” to avoid being left completely out of pocket in case of holiday trouble.
“It is always advisable to carry a mixed wallet with some local cash alongside your credit or debit card, and with travel money cards ideally stored in different locations,” he suggested.
“Having a variety of options means you’re not left high and dry should you misplace a card, run out of cash or find yourself in a difficult situation. Some credit cards also include insurance, so make sure you activate this before setting off.”
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