British holidaymakers run out of cash five days into their seven day break, according to new research.
A study of 2,750 people who holiday abroad shows most blow the £621.91 they have spent five months saving two days before they are due to fly home. And a third racks up a further £218.70 on the credit cards as they struggle to afford the final two days. When it comes to over-spending, meals out, excessive drinking and day trips are to blame. Incredibly, a fifth of Brits have returned from a holiday earlier than planned because they completely ran out of cash.
Victoria Sanders, managing director of Teletext Holidays, which conducted the study said: “Caution with money often goes out the window the minute people step foot on foreign soil – the attitude seems to be that they will worry about paying the bill when they get back into the UK.
“It’s important that people look at the total cost of their holiday at the time of booking and consider what’s included and what’s not if they want to avoid a big credit card bill to welcome them home.”
The survey shows that while many people prefer to put everything on the credit card for the last two days of the holiday, a further 36 per cent withdraw cash to the tune of £227.83. One in 10 shameless people will even borrow money from the family and friends they are travelling with.
Other reasons holidaymakers overspend on holiday include wanting to splash out on duty free products such as perfume, cigarettes and make-up, as well as the cost of getting around on public transport abroad. Holiday memorabilia also costs more than people expect as they splash out on gifts for themselves, and loved ones back at home. And the average Brit always spends more than anticipated on clothing, sports activities and cheap designer accessories.
The poll shows 25 per cent of Brits always ends up spending more money than planned on tacky souvenirs as a memento of their stay. And 47 per cent of people claim their holidays are always more expensive that they expect them to be – while 56 per cent admit to giving little or no thought to what they are spending, deciding they will worry about it when they get home instead. Understandably then, the average person continues to pay for their annual summer holiday two and a half months after they have returned to the UK.
The Teletext spokesman continues: “It’s important for people to check what’s included in the price of the holiday at the time of booking.
“Self-catering trips often look amazing deals at a first glance, but the food bills and eating out when you get there can really add up especially in euro-zone destinations.
“Excursions are the other thing which people can get carried away with, so I’d suggest doing some research before you set off and putting aside a budget for one or two outings.
“Be cautious about signing up for the tour operators excursions as there are often cheaper ways to see the big sights – getting a taxi between a group for example.
“All-inclusive holidays, which means all meals and drinks for the entire trip are paid for in advance, are on the rise and more resorts are offering them now and they are a good way to budget.”
For more advice and money-saving tips visit www.teletextholidays.co.uk
TOP 10 REASONS HOLIDAYMAKERS OVERSPEND
1. Meals Out
3. Day trips
4. Gifts to bring home
5. Duty free
6. Travel and transport
7. Holiday memorabilia
9. Sports activities
10. Accessories i.e. cheap designer goods like shoes and handbags