Overspending on summer holidays this year will leave Brits anxious and in debt once back home, according to independent research released by CYBG?s digital banking service ?B?.
With the peak summer holiday season now upon us, Brits could be set to spend an average ?1,175 per person on their getaway this year, and an additional ?118 on pre-holiday purchases (such as sun cream, toiletries and a new summer wardrobe).
But when it comes to paying for it all, around half say they do not save for accommodation costs (47%), flights (53%) or spending money (48%) ? with more than half (57%) admitting they put their summer holiday on a credit card. Worryingly, more than a third (37%) might have to cut back on everyday essentials once they?re back in the UK, while a fifth (21%) could be preparing for anxious moments when trying to pay back holiday overspend.
When asked if they could make savings or cutbacks to reduce the cost of their holiday, more than half (56%) said they could. But a quarter admitted there?s no way they would - either because they don?t care about the cost (?it?s already on the card?), or they don?t want to make cutbacks whilst relaxing.
