According to the study by Money.com.au, 38 per cent of households said they will forego a holiday this summer, while 20 per cent will reduce their holiday budget.

Seventy-eight (78) per cent of Aussie households will spend less or completely forego Christmas and summer holiday expenses this year.

This accounts for an equal 80 per cent of Victorians and West Australians, followed by 77 per cent of NSW residents and 70 per cent of South Australians.

Click here for the full research spending report.

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