British families set to spend more abroad

MoneyBrits are set to spend even more of their hard earned cash on trips abroad this year, with the average family of four intending to splash out £1,878 on holidays away.

This figure doesn’t include spending money though, with 57% saying they will spend more this year than they did in 2014.

In fact, 10% of Brits are looking forward to spending more than £4,000 on their family holiday in 2015.

Upgrading to luxury

While there are various reasons behind this increase in spend, the most prominent one seems to be British families wanting to indulge themselves by visiting expensive locations and staying in lavish hotels.

Of those cash squandering Brits, 34% said they are spending more this year because they are choosing to upgrade to a more expensive destination, while 24% said it was due to them going for a longer period of time –19% are going away for longer than 14 days.

But, it isn’t just the cost of accommodation and flights that soon adds up, it can also be spending money – with some families planning on spending a whopping £560 per person, or £2,240 for a family of four.

Budget breaking

Despite these soaring costs, British holidaymakers aren’t planning ahead, with 33% of families not making any sort of budget, while 13% will make a budget but are sure to break it.

M&S Bank has advised holidaymakers that it is important to make an overall budget, with 37% of families finding it easier to plan their spending for each week or even each day.

They have also noted it’s important to be financially prepared for holiday shopping, as 52% of those surveyed said they begin shopping for their travel essentials a month or more before they jet off.

If you’re thinking of spending a little more this summer, don’t scrimp on your family travel insurance.

Date Created: 18 August 2015

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