Splashin’ the Cash! Over a third of Brits overspent on their last holiday abroad

 

                                                  

 

BIG-SPENDING Brits are running out of cash on holiday, with over a third of all tourists failing to take enough money with them, with 37% admitting to overspending on their last holiday.

With over a third (34%) falling back on credit cards, or borrowing money from their travel companions, the research from Moneyexpert.com, found that men are the worst at budgeting, with almost a half (45%) confessing they ran out of cash on their last trip abroad, compared to 30% of women. 

Furthermore, nearly half (46%) are happy to put their holiday spending on their credit/debit cards, even if it means paying extra fees.

Many brits are seeing their holiday cash disappear before they even step on the plane, with unsightly fees for overweight baggage causing a headache for almost a third (30%). Respondents were on average charged over £44 for the pleasure of taking a few extra bikinis and budgie smugglers in their luggage.

But before they head for sea, sun and sand, over half (51%) of frivolous brits are happy to prioritise ease and convenience when it comes to exchanging currency, rather than getting the best deal, even though 51% also agreed that they have no idea if they’re getting a good deal at their currency exchange of choice.

It’s not just money that brits are being careless with, it’s their wellbeing too. Under a third (31%) of brits are not buying travel insurance when heading abroad, with 41% thinking they won’t need it and 34% choosing not too as it’s too expensive. Of those aged 18-24, 41% would rather pay for what they need and 15% of 45-54 year olds forget to purchase any before their travels.

However, brits are not just splashin’ the cash abroad. Before they even leave for the airport, a new wardrobe and fresh trim are top of the pre-holiday agenda, with 52% prioritising new clothes, 44% heading to the salon for a haircut, whilst 31% splash out on accessories like designer sunglasses and lilos.

Furthermore, in a bid to get a pre-sunshine glow, surprisingly, 16% of men will be topping up their tan with a sunbed or spray tan before they rush to the airport, compared to only 13% of women.

Jason Smith, Savings Guru at Moneyexpert.com said: “It’s fascinating how many Brits aren’t budgeting correctly when they’re abroad and running out of cash. This leaves them open to card charges and dodgy exchange rates which could see them even further out of pocket. It’s easy to get carried away abroad when you’re having fun, but keep tabs on your expenditure to avoid any financial headaches on your return.

“It’s also surprising to see so many tourists avoiding travel insurance because they think it’s too expensive. It’s important to be covered in case of emergencies, and the cheapest basic policies for a week in Europe start at under £5, so there’s really no excuse.”

Moneyexpert.com is one of the UK’s leading comparison sites, working for customers to make sure they get the best deals on a wide range of financial products, from loans to car insurance. For money saving tips, hints and how much you can save visit Moneyexpert.com

For more information please email [email protected] and [email protected] or call 0207 100 0850

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