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Britons scrapping summer holidays

Britons scrapping summer holidays

Category: Economy

Updated: 31/10/2008
First Published: 23/07/2008

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

While 2.8 million British adults will jet into the red just to get a break

A quarter of British adults are shelving their holiday plans this year, with 43 per cent of them worried about the impact of the credit crunch on their finances according to a new study on holiday spending byCreditExpert.co.uk, the online credit monitoring service from Experian®. Those who do choose to take a break will pay the price, with over two and a half million British adults getting into debt each time they go away - twice as many as this time last year.

People living in Wales and the South West of England are the most concerned about the credit crunch hitting their finances and are trying to cut back on spending. 65 per cent of people in these regions cite this as the main reason for not planning a holiday in the next twelve months. In Scotland, the main reason for not planning a holiday is affordability, with 68 per cent of Scots saying they are unable to stump up the cash for a break.

The research, which is based on a survey of 1,047 adults, also reveals that:

  • 18-24s are most worried about letting people down with a third (33 per cent) saying they succumb to peer pressure to go on a holiday which then pushes them into debt
  • People in the North East of England (27 per cent) are the most likely to go into debt from holiday spending
  • 16 per cent of British adults admit that holidays are so important to them that they only think about the money they have spent when they return home

Share and share alike

One in five people (19 per cent) cutting back are choosing to share a holiday with family or friends rather than do without a break. This figure rises to 37 per cent of 18 - 24 year olds, who are likely to be going back to family holidays this year to get their summer sun.

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