Brexit adds £400 to the cost of family summer holiday
According to a survey by Prepaid International Forum (PIF), a trade body for the prepaid financial services sector, Brits heading to the EU are £51 worse off per person per week.
This is based on the average UK traveller spending £241 per week while on holiday and taking into account the pound/euro exchange rate has plummeted by 17.5% (from 1.43 to 1.18) since the vote to leave the EU.
For an average family of four, a fortnight’s holiday in the EU now costs an extra £408 to match their spending on the same holiday last year.
PIF also found that of the 1,000 people surveyed, ‘remain’ voters were hardest hit as they tended to spend more while on holiday – £258 per week, compared with £221 for Brexit voters, according to the survey.
Alastair Graham, spokesperson for PIF, said: “Holidaymakers have always been subjected to poor exchange rates and extra charges when spending their money abroad. The recent fluctuations in exchange rates have made them even more aware of such costs and are increasing appetites for alternative solutions.
“Prepaid financial services companies are seeing increased demand from travellers wanting to store travel money at times when rates are favourable, locking in their holiday spending sometimes months ahead of time.
“Using prepaid travel money cards to store currency is a popular way to guarantee the price of holiday spending in advance.”
Graham added that the growth of contactless and mobile payments such as Apple Pay are also leading to increased interest in tech and wearable payment devices that help make carrying money abroad more convenient.