New research has shown that 27 million UK holidaymakers are set to spend over £1,000 per person on their summer holidays. Of those, 8.5 million said they can’t afford to do so but would borrow money in order to pay for their annual getaway.
The research, carried out by the Money Advice Service, shows that UK holidaymakers estimate spending an average of £1,027 per person, which equates to a staggering £27 billion spend for the UK as a whole.
The figures show that just over half the population intends to go on holiday this summer. However, just under a third of the population will be staying put on UK shores as they decide against a holiday or simply can’t afford one. Half of those staying at home said that money was the main barrier to them taking a break abroad.
So, how do the 27 million intend to pay for their trips? Well, most of them (79 per cent) say they will delve into their savings. However, there are 800,000 people who say they will borrow money in order to pay for their holidays. They will do so by borrowing from friends and family, the bank, or by using a pay day loan company. The findings also showed that the younger generation expect to pay less for their holidays than the older generation. The 16 – 24 age group estimated their spend at £641 per person whereas those aged over 55 estimated their spend at £1,110.
Jane Symonds, head of service delivery at the Money Advice Service said: “Everyone deserves a break once in a while, it's vital to make time to recharge the batteries and enjoy time out with family and friends. I'm worried so many people feel they can't afford to have a holiday.”
She went on to add: “Before you decide you absolutely can't afford any kind of holiday, get a clear picture of your money across the whole of the summer.” Holiday costs include travel, accommodation, travel insurance and spending money. You may be able to reduce these costs by shopping around for the best deal.
Date Created: 04/07/2013