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Brits failing to budget for holidays

Brits failing to budget for holidays
20 Aug 2013

Over half (51%) of Brits fail to set themselves a holiday budget, with the majority of people saying they are either confident that they won't overspend or feel as though their trip is a luxury that they shouldn't scrimp on.

The research by M&S Bank also discovered that 16% of those surveyed have given up on budgeting because they've been so bad at sticking to spending limits in the past.

Of the travellers who do plan their money carefully, the majority look at the overall cost of their trip, with just 16% of holidaymakers putting together a daily budget for their time away.

Head of travel money at M&S Bank Paul Stokes suggested that those who don't budget should give it a try. 'The annual holiday is something most of us look forward to all year and planning even an outline budget can help your travel money go that bit further', he stated.

If research conducted by Canton FX last month is anything to go by, Brits could certainly use a little help managing their holiday money after the firm revealed that the average tourist overspends by £210 during their summer getaway.

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