No Money, Yes to a Holiday
In the wake of a double dip recession, Brits are failing to save for their summer holidays, resulting in over spending by as much as £500, according to research by prepaid currency card provider, Caxton FX.
“In spite of recent economic worries facing Britain, we refuse to give up our summer holiday and the often indulgent spending habits which accompany a few weeks in the sun."
A YouGov poll, commissioned by the currency experts, of over 2,000 British adults found that 40 per cent of Brits don’t save up for spending money in advance. Yet almost one in five of those surveyed admit to going over budget on holiday, with almost a quarter never setting a budget for that well-deserved summer break.
Proving it’s all too easy to punch in your PIN number and think about your balance when you return home, the survey found that over one in ten Brits who have been on a summer holiday and set a budget admit to having no idea how much they overspend on holiday.
Furthermore, 21 per cent said they would expect to go over budget by £100 to £200 and a cautious 35 per cent said they expect to go over budget by less than £100.
James Hickman, managing director at Caxton FX, said: “In spite of recent economic worries facing Britain, we refuse to give up our summer holiday and the often indulgent spending habits which accompany a few weeks in the sun.
“Our research highlights a serious lack of financial planning from Brits and they could find themselves in a sticky situation when they return home. There are some very easy budgeting tips which will help ease the financial strain, including using a pre-paid card instead of a debit card so you know exactly how much you have to spend whilst you’re away,” he added.
Of those surveyed who do save for holiday, it seems the younger generation are worse at financial planning for holidays. The survey revealed that 18-24 year olds were most likely to start saving for a summer holiday three months beforehand compared to 45-54 year old holiday makers who were most likely to start saving for longer than six months before the getaway.
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