When we look back on our summer memories, it seems that our expenditure was pushed right to the back of our minds. And, quite rightly so! After spending the good part of a year working and saving up our pennies for our annual summer holiday, the last thing we want to think about is watching our wallets while enjoying the summer sun. Whether your idea of a holiday is an action filled adventure or simply a relaxing sun-filled week of sunbathing, we Brits are experts at splashing the holiday cash.
We were not surprised then to hear that the UK spend over a third of their monthly disposable household income, or nearly £650 on foreign travel. From travelling the breadth of the world to creating special memories, our wanderlust is causing us to spend 33.5% of our disposable pennies! The latest European Summer Barometer, a pan-European survey that looks at holiday spending habits, results showed that nearly 1 in 5 of us will spend our summer holidays abroad. Escaping the dull and unpredictable English weather can be blamed for this!
Mark Cawood, country manager, Ferratum UK explained: “Holidays are really important to all of us. Our annual fortnight away doesn’t just give us all the chance to experience new food and cultures, while hopefully getting a bit of sun, they also give us that well-earned break and a chance to escape from our fast-paced modern lives.
“However, although we all need to take a break, it’s important that we don’t overstretch ourselves financially on what can be a significant annual cost to the average household budget. With the majority of respondents spending between £800 and £1,499 while on holiday, we all need to be responsible and sensible with our money, especially in these times of relative financial uncertainty.
“It’s good to see therefore that when respondents were asked how they would finance their summer holiday, over a quarter of them (27.51%) said that they did not need any extra finance and nearly three quarters (73.64%) would have paid back their summer holiday and short term lending expenses within three months.”
So…who’s ready to book another holiday before summer officially ends?