Foreign currency
We may be in the middle of a recession but when Brits go on holiday they don’t hold back with the cash. 41% of us admit to overspending while abroad, going over our original spending budget, according to Skyscanner.
In 2013, we will see over 36 million people leave the UK to go on holiday and it appears that we are not savvy when it comes to anticipating what we will spend when we go. Last year, over half of Brits (55%) spent more on food then they thought they would and 30% spent more money on nights out than their budget dictated. One in five admits to overspending while in the airport before even getting to their destination.
Over a quarter of Brits aim to put aside more money this year in anticipation of their holidays, which comes out at £247 per adult and £140 per child. Looking at a family of four this totals at 800 per week. Young parents have been found to spend more on their children than on themselves when compared to other age groups budgeting £211 for the adult and £152 per child.
The group most likely to overspend are 18-25 year olds, with 36% spending over £200 per week more than they had budgeted for. Similarly, this is the age group that was guilty of overspending on the plane before they even got to their hotel comprising of 38% who went over budget this early into their holiday.
Skyscanner's Victoria Bailie comments, "With so many British holidaymakers spending more than they intended during their last holiday, money management clearly goes out of the window as soon as travellers reach the airport. In-resort costs differ from one destination to another so it can be worthwhile researching these costs before jetting off. However with many people spending more than they budget, it would seem British holidaymakers are far from thrifty when having fun in the sun.”
Where do British holidaymakers overspend?
1. Food - 55%
2. Drinks - 40%
3. Nights out - 30%
4. Day trips/excursions - 27%
5. Taxis/car hire/other transport - 25%
6. Gifts - 22%
7. Airport shopping - 20%
8. 4% of holidaymakers have no idea where they overspend on holiday
Tagged in Money