Brits overspending on holidays they can ill-afford

Brits overspending on holidays they can ill-afford

Three fifths (60%) of holiday makers admit to getting carried away when it comes to holiday spending, with the most common unexpected costs being food and drink (32%) and activities (22%) costing more than expected and having to fork out for things they forgot to pack (18)%. On average, these extra costs come to £220.

The lack of accurate planning fits into the general mismatch between the plans Britons make for their holidays and the state of their finances.

One in five (18%) have booked a holiday knowing it will cause them financial difficulty, with staf and hen dos causing this to rise to 37% for those aged between 25-34. A further third (36%) said they have been on holiday while still owing money on a credit or store card, and 39% usually come home with a holiday debt.

Some Brits are getting more savvy with their holidays

However, this poor approach to finances is not universal. Some figures from the research also showed that some Brits are taking a shrewder approach to planning for their holiday. To thirds (68%) said that they save up for either some or all of their holiday, while three fifths (58%) ensure they have a budget in place for some elements of their holiday.

Brits overspending on holidays they can ill-afford

Read more about this research in this release from the Money Advice Service.