More than half of Aussie workers are banking their annual leave, many of them wanting to save it up for a longer break.
BRISBANE, Australia, June 28, 2024 /PRNewswire/ -- A survey of 899 people conducted by insurance provider Budget Direct revealed that more than 60 per cent of Australians did not take their leave last year.
Nearly two-thirds of those surveyed (58%) said they felt restricted by work commitments when deciding on scheduling a holiday.
A quarter (26%) of those who participated in the study admitted to wanting to accrue their annual leave days from last year, and another quarter (26%) wanted to specifically save for a longer holiday.
In 2023, the number of Australians surveyed who wanted to save their leave has increased by nearly seven per cent.
However, the number of participants who wanted to save their annual leave for a bigger holiday decreased by about four per cent.
Despite their wants and needs, the data suggested that more than half of respondents (55%) were forced to take leave.
During the past five years, four per cent more Aussies were forced to use their leave.
As for whether four weeks' leave annually was enough, 64 per cent of those surveyed didn't think the four weeks was enough.
The number of Australian respondents who think four weeks is enough paid leave for the year decreased by 6.5 per cent from 2018 to 2023.
In 2023, the number of Australian respondents who took all their holidays owed to them decreased by 10 per cent in the past five years.
Budget Direct's Chief Growth Officer, Jonathan Kerr, said opinions around annual leave often varied depending on age.
"More than 75% of participants aged 18-27 don't think four weeks is enough annual leave compared to only 35% of participants aged 68-77."
To read more about the survey, please visit here.
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DISCLAIMER
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This is general information only, and does not take into account your particular objectives, financial situation and needs and you should consider whether it is appropriate for you, having regard to these factors before acting on it. Read the Product Disclosure Statement, Target Market Determination, Financial Services Guide, Key Fact Sheets available at budgetdirect.com.au, and consider if the product is right for you before deciding to purchase or continue to hold the product.
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