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Will you be home or away this summer?

Will you be home or away this summer?

Category: Travel

Updated: 04/07/2016
First Published: 04/07/2016

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 It is now over 6 months old so the content may be out of date.

The summer holiday season is rapidly approaching, but will you be vacationing abroad or closer to home? Although the majority of holidaymakers will still be heading to foreign lands this year, a growing proportion prefer to stay on home soil.

Research from Halifax has found that 76% of respondents plan to take a holiday this year, with 25% of those opting to take their main holiday in the UK – an increase of three percentage points from last year.

But just what's causing the rising popularity of staycationing? Well, a key reason appears to be safety fears: 22% of those staycationing are doing so as they feel it's a safer alternative to going abroad, something that's particularly true for the over-55s, 25% of whom feel safer in the UK.

But that isn't the only reason for a UK break. The desire to see more of the UK was cited by 30% of respondents, while 38% wanted to stay closer to home in order to save money, something that can be brought into even sharper focus when considering things like exchange rates and foreign usage fees on credit and debit cards.

Buying currency in advance remains the most popular option for those travelling abroad, with 53% opting for this method, compared with just 2% who use travellers cheques as their main payment method. This shows that many holidaymakers are more "traditional" when to comes to their spending choices, said Darren Tong of Halifax, with the popularity of cash certainly not waning for those heading overseas.

However, it could be worth remembering that spending in cash isn't the only option. While you'll always need a bit of spending money in cash when you're heading abroad, in many cases it can be just as beneficial to use cards for foreign purchases, provided you remember to bring a specialist travel credit card with you.

Travel cards should always be at the top of the packing list, but so should travel insurance, and this applies whether you're staying at home or heading abroad. Once that's all sorted, you can look forward to your well-deserved break!

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 
 
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