Brits Feeling Spent After Holidays
Trips abroad are meant to be a time to relax and take a load off your worries. Unfortunately, it seems that for many Brits overseas breaks are a time to overspend – meaning the only thing taking a ‘load off’ is their wallets.
Prepaid cards on holiday
Research by Skyscanner has confirmed what many of us might already suspect: that when we go on holiday, all of our strict financial plans quickly go out the window. The results indicate that a substantial 40% of Brits overspent during their last holiday, showing just how easy it can be to quickly lose control of your budget.
As a result of this overspending, a quarter of holidaymakers are going to revise their financial plans and take more spending money away with them this year.
So, what exactly are we spending our money on? Food was the most problematic area, with 55% of respondents reporting that they spent more than they had bargained for on provisions during their time away.
Anybody who has lost track of their tab at a holiday bar won’t be surprised that 40% of us spend more on drinks than anticipated, with 30% reporting that they also overspent on nights out while abroad.
All this spending has resulted in Brits putting more and more money aside before they jet off to their holiday destinations, with holidaymakers now budgeting an average of £247 a week for each adult and £152 for each child every week.
The research also revealed that the tendency to overspend declines with age, as we start to learn the tricks to staying within our budget. People aged 18-25 are the group most likely to overspend during their holidays, with 36% reporting that they can overspend by a whopping £200 each week.
The research conveys just how important financial preparation is before you head abroad. One way to stay on top of a pre-determined budget is to pack a prepaid card in your suitcase. These make it easy to track your spending and are a safer alternative to carrying cash.