Brits heading abroad this summer will be stuffing far more cash into their suitcases than last year, according to new research. The average traveller heading abroad this year will be carrying €390 in cash, with a back up of a further £95 sterling for emergencies.
These numbers are way up on last year, when we were only carrying €280 and £85 back up cash. More than two thirds of those heading abroad will be carrying more cash than last year, according to the results from a Debenhams Personal Finance study.
Alarming trend continues -This trend appears to be the result of fears that credit cards will not be accepted in bars and restaurants across the Eurozone. This is particularly true in countries that are traditional holiday destinations and also feeling the effects of economic difficulties. These include Greece, Cyprus, Spain, Portugal and Italy.
Mike Hazell of Debenhams Personal Finance said: “It is not surprising that people are taking more cash on holiday with them this summer. There has been such a lot of economic uncertainty recently – particularly in the Eurozone.”
Cash is usually used to pay for smaller things like food and drinks, with people relying on cards for larger expenditures. Even then people are still concerned about using their cards. Over a quarter of those questioned said they had concerns about using cards for fear of fraud. Nearly three quarters said they preferred to use cash in places like bars and restaurants as it helped them to keep track.
Of course, all this cash means people are going to extra lengths to keep it safe, including money belts and using the hotel safe. Two thirds say they use more old-fashioned methods such as stuffing it in their shoes and hiding it in the hotel room. It is a good idea to look after your money while you are away, but with the right travel insurance you will be protected should the worst happen.
Date Created: 01/07/2013