You are here: Home - Credit Cards & Loans -

UK holidaymakers reckless with money

0
Written by:
20/06/2008

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.”

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

YourMoney.com Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
Energy bill increases could hit 61%

Predicted further energy price rises of up to 40% this year could mean a total increase of 61% since January...

Close