According to the recent RACQ survey, one in five people (20%) plan to work over the Christmas break as they are unable to afford to take time off and almost half (45%) expect their holidays to be impacted by the rising cost of petrol.

RACQ Chief Executive Banking Michelle Winzer said although many people were impacted by cost of living pressures, there were cost-effective ways to help maintain the Christmas spirit.

“Cutting back on costs doesn’t mean you can’t have a fun and memorable Christmas and New Year, even if it means a change to your regular plans,” Ms Winzer said.

“If you have holiday plans this year, it may be worth considering shortening the duration, holidaying closer to home or somewhere more affordable or postponing your holidays to non-peak times.

“We often spend more at this time of year, so it’s very important to avoid getting swept up in the Christmas period and stuck in debt that you may struggle to repay.”

Acknowledging the challenging financial environment, Ms Winzer encouraged people to take proactive steps to manage their finances.

“Be mindful about the use of credit cards or buy now pay later services as it may lead to unwanted stress in the new year,” she said.

Ms Winzer said support was available to RACQ members experiencing financial hardship and she encouraged people to reach out if they need assistance.

“We urge anyone needing support to contact us and we can fast-track financial hardship requests and discuss ways we can help out.”

To further help ease cost of living pressures RACQ has also launched a new cashback program, which helps members earn rewards on everyday purchases when shopping online at more than 170 home, pet, fashion and beauty retailers.

The cashback offers form part of RACQ’s Member Benefits program which has helped RACQ members save more than $22 million in the past year.

To find out more, visit racq.com/cashback

 
Key findings:

• 70% of Queenslanders worried about spending money on a summer holiday
• 20% of Queenslanders will have to work over the Christmas break as they can’t afford time off
• 45% of Queenslanders will be impacted by the rising cost of petrol over the holiday period
• The younger generation (18-34) are most likely to have changed Christmas travel plans due to the rising cost of living
• 24% of Queenslanders have shortened the duration of a holiday due to the rising cost of living
• 38% of Queenslanders intend to spend less this Christmas than last year

*Survey findings from RACQ Quarterly Consumer Omnibus, FY24 Q2, n=405.