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One in four Brits ‘can’t afford to holiday abroad’

Almost a quarter of Brits are unable to travel abroad in 2014 due to the pressure on their finances.

While the economy seems to be on the mend, the benefits are yet to translate to consumer purses with 21% of people stating they couldn’t afford to go abroad this year. A survey published in The Daily Mail and commissioned by Travel Channel UK and Vision Critical found that just 26% were able to pay for an overseas holiday without worrying about the consequences.

It found that women were more cautious about spending on a holiday abroad, with just 22% saying they could afford it compared to 31% of male travellers. While the annual summer holiday has been a tradition for many over the years, travelling abroad is now considered a luxury.

A quarter of 35 to 54-year-olds said they would need to make a number of sacrifices in order to pay for the trip. However, the over-55s don’t feel the same financial pressure, with over a third admitting they could comfortably afford a holiday abroad in 2014. Of those who are planning to jet off this year, 13% said they would be using money they had saved throughout 2013 but 8% would need to borrow. The survey revealed that 5% would pay on a credit card, 3% will ask their relatives for help and just 2% intend to take out a payday loan.

The 2,000 respondents were also asked about their ‘bucket list’ destinations. The usual suspects, such as Paris, New York, Rome and Venice did feature but were all beaten to the punch by London, which came top. Families have been encouraged to take advantage of early bird discounts available in January and February, as well as looking at other ways to cut costs, such as travel insurance.

Travel Channel presenter, Jenny Powell, said: “…Through meeting holidaymakers and going away with friends and family, it’s more and more clear that people are struggling to afford to get away and enjoy a great break.”

Date Created: 03 February 2014

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