Holidays are a great time to switch off and relax, however new research from Clydesdale and Yorkshire Banks today, 7th August, revealed that many people are also taking the same approach to their holiday finances.
The study found that more than a quarter (27%) don’t budget and just spend as they go and a further 10% don’t think about money when they are on holiday and just deal with it when they get home.
Andrew Pearce, Retail Director for Clydesdale and Yorkshire Banks, said: “Everyone has their own idea of a dream holiday, for some it’s relaxing with family and friends whilst for others it’s heading off on an adventure in a faraway location.
“Regardless of the destination, it is important that people still manage their finances to ensure money doesn’t mar their enjoyment and that they’re not still paying for their holiday months later.”
The research also revealed the differing attitudes to holiday spending between men and women.
The findings show that men have a more relaxed approach with almost a third (31%) happy to spend as they go and a further 10% admitting they don’t think about money when they are on holiday and they deal with how much they have spent when they get home. In comparison, a quarter of women set a budget and ensure that they stick to it, while an additional third set a budget but don’t mind if they exceed it.
Unsurprisingly, men and women also have different opinions when it came to saving money when booking their holiday. Women were not willing to sacrifice their luggage allowance with only 23% prepared to take less luggage to save money. However for almost three quarters of men inflight drinks and meals were non-negotiable with 73% insisting these were essential.
The research also highlighted the different approaches to holiday spending and budgeting across the UK. Flying on a budget airline was a common way to save money with 36% selecting this option, however it was most popular with Scots with almost half (47%) choosing to fly with a budget airline compared to just 28% in the North East (see Table 1 in Notes to Editors).
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