You are here: Home - Household Bills - News -

Brexit adds £400 to the cost of family summer holiday

Written by: Paloma Kubiak
The cost of a family summer holiday is £400 more expensive than this time last year thanks to the value of the pound plummeting in the wake of the Brexit vote,

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.

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.

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Coronavirus and your finances: what help can you get?

News and updates on everything to do with coronavirus and your personal finances.

Everything you need to know about being furloughed

If you’ve been ‘furloughed’ by your company, here’s what it means…

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...

Money Tips of the Week

Read previous post:
Rents rise in July

Average UK rents continued to rise during July, hitting £779 a month, and building on the consistent increases seen during...