Life done better report: travel
New Independent research shows that young Australians are blurring the lines between work and travel as they look to experience their way to a higher standard of living,
The second edition of the Life Done Better Report investigates Gen Y's modern approach to travel and has been brought to you by Latitude Financial Services in collaboration with research group CoreData and futurist Chris Riddell.
Travel has never been more accessible and Gen Y are capitalising on the opportunity to experience a world which they feel is on their doorstep with 2 in 5 taking an overseas trip at least once a year. Travelling has long been a part of Australian culture but what we're seeing is Gen Y taking that to a new level. They're bettering their lives through experience and using that experience to change society for the better as well.
With the large majority of Gen Y travellers agreeing or strongly agreeing that the world has never been smaller than it is today (75.6%), the concept of travel has moved from being a luxury, to a necessity.
The blended generation
Generation Y sees the world as a much smaller place than any previous generation. This is because the limitations of order and time have been broken and technological and digital advances have enabled a greater sense of fluidity between work and travel.
Gen Y are creating a global community of which almost 7 in 10 already feel a part of. Previous generations have lived siloed lives with clear distinctions between work and travel. Now Gen Y are breaking down these barriers, changing the world as we know it with new ideas which blend world cultures.
Interestingly the experience generation that they are seem to be taking their work on the road with them. This is a complete departure from previous generations, Gen Y are utilising technology to fit work commitments into travel all but eliminating barriers between the two with 7 in 10 stating that being part of the digital generation means they could work anywhere now or in a future role. Almost half of all respondents (47%) are currently able to perform some work away from home allowing travel to not just be a stage in life to aspire to, but a part of regular living.
While they look to absorb cultural experiences from their travels they're also looking to enhance their business acumen with 43% of respondents incorporating some form of work into all of their travelling.
The one world generation
Gen Y are the one world generation. They are packing in a lifetime of experiences into shorter periods of time as they capitalise on technology and the sharing economy to delve deeper into international cultures. If you take a software such as real-time translation, it's only going to allow the generation to understand cultures more quickly and gain greater knowledge and understanding.
They then spread those experiences further around the world leading us closer to this global culture in both business and society. Generation Y are leading this change, bringing the world closer together and they are learning, bettering themselves and having a great time as they do it. One in five (19.6%) respondents describe themselves as ‘passionate travellers', travelling a few times a year.
The experience generation
Bettering their understanding of the wider world remains the ultimate objective for travelling, with 6 in 10 aiming to gather new experiences and a similar number looking to learn about new cultures (59.7%).
It's notable that travelling makes two in five (40.7%) appreciate what they have at home and that the experience allows them to meet new people and develop relationships. Gen Y's are seeking deeper experiences, they don't want to be in a hotel or a beach resort, they are after exceptional experiences where they can really embed themselves in a local culture. 64.1% cite gathering new experiences as the aspect they most enjoy about travel.
In funding their trips the large majority (76.7%) of Gen Y travellers most commonly save up before taking their trips although one in six (16.3%) top up their savings with a loan or credit card and pay these off when they return from travelling.
Travel now is more simple and fluid than it has ever been, and this has been a key reason why the generation today don't see the idea of going overseas as a big life event. For them it's as easy as what the previous generation saw as getting on a tram or train. The vast majority (77.8%) of Gen Y travellers say they usually use an online booking tool to arrange their travels.
Generation Y see the world as their community and they are connecting with people both online and offline in a way we haven't seen before. With travel now being faster, cheaper, easier and more accessible than any time in history, the opportunities that Gen Y have in front of them have never been bigger when it comes to discovering and creating a life lived better. Travel now is no longer a luxury reserved for a few, it's an essential and highly accessible part of a Gen Y's lifestyle.
About the life done better report
For this research, proudly commissioned by Latitude Financial Services, a leading consumer finance organization with more than 2.5million customers in Australia and New Zealand and more than 2000 staff, Generation Y is defined as the generation born in the 1980s and early 1990s (over 25) , comprising primarily the children of the baby boomers and typically perceived as increasingly familiar with digital and electronic technology.
This independent research carried out by research company, CoreData, surveyed 1,000 people who fit the definition of Gen Y.