Four in ten Brits will overspend this summer
Although most British people are going on holiday this summer, new research shows that 40% of them don’t budget for their summer break correctly, an attitude that leaves them at risk of over spending.
Almost half of the British population (40%) fail to budget for their summer holiday, the latest research from M&S Money reveals.
Despite the overspending that this might cause, almost a third of those surveyed (32%) think they will spend more on holiday this year than last year.
People justify this behaviour saying that a summer holiday is their ‘one luxury’ for the year.
The justification for a further 14% of people who never stick to budgets is that they believe ‘there’s no point in setting one’. Additionally, one in ten Brits says they can’t plan ahead because they don’t know how much everyday items will cost at their holiday destination.
Change of attitude
Despite excusing their overspending, the current financial situation makes most people realise they need to establish savings measures.
A total of 63% of Brits will make some kind of cut back, even if they don’t plan a strict budget. 15% will try to save some money by spending less on in-flight and airport shopping and 12% plan to cut the length of their holiday.
British summer travellers will also modify their holiday eating habits in an attempt to save money: 12% said they will stay in self catering accommodation and a further 11% plan to stay in ‘all inclusive’ resorts.
Some holidaymakers will also consider the value of sterling dropping against popular UK holiday destinations. Of those travelling within the euro zone, 8% plan to take ‘home comforts’ in their luggage, such as tea and coffee, in a bid to reduce costs once they arrive.