People are spending much more than they can afford when on holiday, new research reveals
People from the UK tend to blow the budget when they head off on holiday, according to a new study.
Research carried out by American Express revealed that 83 per cent of people do not intend to stick to any form of budget while holidaying, while 30 per cent spend excess holiday currency to avoid having to convert it when they get home.
What's more, ten per cent spend currency at the airport on the way home 'to get rid of it' and 20 per cent overspend when buying products from the duty free shop. Some 45 per cent of people said they would spend more than they intended on a 'must-have' purchase.
"The last thing people want to do when they go on holiday is worry about money however this summer's trend should be about being savvy with your money," said Kirstie Bayley from American Express.
The report also revealed that only 17 per cent stick to their vacation budget, while a quarter of holidaymakers withdraw cash from foreign ATMs several times while away, risking incurring hefty charges.
Recent figures from uSwitch showed that consumers pay an average fee of three per cent for using their cards overseas, totalling £686 million, and nine banks now charge customers to make purchases abroad using their debit cards.
