Boomers spending the inheritance on cruising

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Baby boomers are spending more money than ever on cruises, according to new data from finder.com.

The research shows that in 2017 more than 750,000 Aussie travellers aged 50 and over went on a cruise, accounting for 57 per cent of the total 1.34 million Australian cruise passengers.

The average length of a cruise was just over nine days, and analysis of 300 cruise deals revealed an average spend of $1467 per couple on a twin room.

More than $556 million collectively was spent on cruises in 2017.

The rising popularity of cruising coupled with our ageing population means around 1.4 million boomers are expected to cruise in 2018.

A survey of nearly 6000 older individuals by National Seniors Australia and Challenger found that leaving an inheritance is no longer a high priority. In fact, many would rather spend their money on travel.

The most popular destinations for retirees included New Zealand, the Mediterranean, Asia, Northern Europe, Alaska, and Antarctica – and the average age of cruisers in 2017 was 67.

“Almost one in 10 Aussie baby boomers took a cruise holiday last year. This older demographic tends to prefer longer expeditions, sparing no expense on transatlantic or world cruises,” said insurance expert Bessie Hassan.

While Ms Hassan claims that no expense was spared on cruise costs, we know that if there are savings to be found, you’d like to know about them. So here are a few tips to save you big bucks on cruise insurance.

Choose lower benefit amounts
You’ll save money on policies with lower benefit amounts, but be aware that you’ll be forgoing added protection.

Choose a higher excess
Roll the dice and choose a higher excess in order to pay less for your premium.

Choose your activities wisely
Insurers may want to charge you more to cover you for scuba diving or adventure activities, so choose low-risk activities and save.

Leave the valuables
If you really don’t need your tablet, DSLR camera, jewellery or other valuable equipment or accessories, then leave them at home. An insurer will charge you extra to cover high-value items.

Look for discounts
Ask for seniors discounts, multi-policy discounts and look for travel insurance coupon codes to help you save money on your policy.

Did you go on a cruise last year? Will you be going on one soon?

RELATED LINKS

Retirees spending less than the Age Pension: report

Retirees spending less than the Age Pension, even though they can afford to spend more.

Cruising now more popular than land travel for over 55s

Survey reveals that cruising is now more popular than land travel for over 55s.

Research reveals how older Australians strive to leave a legacy

Leaving a financial legacy is becoming less important to older Australians.

Written by Leon Della Bosca

Leon Della Bosca is a voracious reader who loves words. You'll often find him spending time in galleries, writing, designing, painting, drawing, or photographing and documenting street art. He has a publishing and graphic design background and loves movies and music, but then, who doesn’t?

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