Brits admit to busting the budget on holiday

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“Well, we are on our holidays”.

It’s a reply that many of us have uttered when contemplating that little extravagance while we’re basking in the sunshine of our favourite holiday destination. You can worry about it when you’re back at home and besides you’ve worked hard all year so you deserve that extra drink, fancy dinner or special souvenir.

New research from the Post Office has revealed that Brits love splashing out a little over budget when on holiday. The report showed that travelling as a couple holidaymakers tend to spend £195 more than what they originally intended, based on a combined budget of £747. It adds up to a collective overspend of £1.55 billion.

While Brits tend to spend a little too much, they are always on the lookout for a bargain. Out of the 2,099 UK adults surveyed, 79% said that the cost of getting to a resort influenced their choice. It’s not surprising then that British holidaymakers look for value for money when seeking out a break in the sun.

When it came to good value popular favourite such as mainland Spain (90%), Turkey (89%), Canary Islands (87%), Balearic Island (86%) and Portugal (85%) all ranked highly in the minds of the UK holidaymakers. Other long haul destinations such as Thailand, USA, Mexico and the Caribbean were also regarded good value holidays.

The survey found that Brits start off with good spending intentions with 78 per cent of respondents saying they drew up a budget before setting off. However, only a third stuck to it highlighting the spending temptations while on holiday.

Andrew Brown from Post Office Travel Money said: “With the pound giving UK tourists less bang for their buck, it is surprising to see that overspending is continuing at the levels seen in previous years.

“What’s more, since the average budget set virtually matches the amount of foreign currency that holidaymakers took with them in cash, this means they incurred charges by changing money at an ATM or paying on plastic to cover their overspending.

“We urge them to consider budget carefully this year to avoid paying through the nose.”

Are you a shrewd spender on holiday or do you splash out a bit too much? Let us know in the comments section.