UK holidaymakers reckless with money
British holidaymakers are not in control of their holiday expenditure, according to the latest NS&I quarterly savings survey.
With a fifth failing to look at their financial situation before booking their holiday, and over three-fifths overspending while away, it is not surprising that over a quarter of the population said that they were alarmed at how much money they had spent after returning home.
Of the 61% that admit to overspending while on holiday, on average each person claims to exceed their planned spending by over £133. Nearly half of Brits who overspend on holidays say they do so simply because they feel like they are worth it, while for 30% of people, spending more than they expect is a result of getting caught up in the excitement of being on holiday. Worryingly, nearly one in 10 attribute overspending to a lack of understanding of exchange rates and being caught out as a result.
Dax Harkins, senior savings strategist at NS&I, said: “There is no doubt that holidays and spending while abroad are costing Brits a lot more than many bargain for, but people need to think past simply enjoying themselves and to plan their finances so there are no nasty shocks when they get home and face the bills.
“Given the expense, it is great to see that a quarter of people do save in advance, but it is clear that more of us need to set money aside specifically for holidays or the holiday spirit will come back to earth with a bump on the return home.”