Despite the increasing prevalence of digital payment methods, the majority of Austrians still prefer cash, even when on vacation. This was the result of a recent survey of 99 people conducted by Bank400. According to the survey, 85 percent of respondents stated that they prefer to pay with cash abroad. Debit cards (57 percent) and credit cards (43 percent) follow in second and third place. Younger travelers under the age of 30 use credit cards less frequently than older generations, but more frequently use online payment services or pay with smartphones or smartwatches.
However, credit cards are very popular when it comes to booking travel. Two-thirds of respondents value free cancellation options, and 54 percent like using credit cards because of the included travel insurance. Furthermore, 70 percent value the worldwide acceptance of their credit card, and six out of ten say that using them is even required for certain bookings, such as rental cars or hotels. Patricia Kasandziev, board member of bank99, recommends taking a credit card with you, especially when traveling outside of Europe, as fees can often be charged when exchanging money or using ATMs, and credit cards offer additional security features.
The survey also reveals differences in spending habits. While women are just as likely as men to say they need to save for their vacation, they are more likely to use installment payments. Men, on the other hand, tend to be more generous on vacation and pay less attention to their budget. Two-thirds of respondents plan a financial buffer in advance for unexpected expenses. From the age of 49, the need to save for vacation decreases, and savings goals are set less frequently. However, retirees pay more attention to their spending while traveling and often set a fixed budget. Almost half of respondents use credit cards on vacation, partly because of their security features, such as chargebacks and buyer protection.