Survey Reveals Just 11% of Brits Go On Holiday for The Culture and History of an Area

A new survey by credit card brand Aqua has looked into the holiday spending habits of people across the UK, revealing that despite the continued cost of living crisis, one in five Brits (19%) tend to overspend while on holiday.

The study takes into account what Brits’ priorities are when it comes to holidays, what they may have a tendency to overspend on, and exactly how much they tend to exceed their budgets by when away. An expert from Aqua also reveals the costliest mistakes people tend to make while abroad, and shares tips for avoiding them.

The full research can be found here: https://www.aquacard.co.uk/building-credit/savvy-holiday-spending

A third (32%) of Brits prioritise price and budget when booking a holiday abroad — but one in five admit to overspending while away

Unsurprisingly, cost has ranked as the most important factor for Brits when booking a holiday, with a third (32%) of Brits saying price and budget are the biggest priority for them when looking.

Despite this, one in five people surveyed (19%) admit to having a habit of overspending when away. The survey also revealed that Brits are least confident when it comes to creating and keeping within a budget for food and drink while on holiday, with nearly a third (29%) of Brits admitting they struggle with this specifically.

Brits admit to overspending by over £300 on average while on holiday

Of those who admitted to overspending while on holiday, the average person in the UK exceeds their budget by £307. Glaswegians tend to overspend the most, by around £468 across various types of holidays, followed by people in Birmingham (£341) and Bristol (£339).

These are the costliest mistakes you can make while abroad

With so many Brits admitting they struggle to stick to a holiday budget, experts from Aqua shared some of the costliest mistakes people can make while abroad to help avoid potentially unnecessary holiday spending.

1.    Exchanging currency at the airport

Airport kiosks usually don’t have the best rates, so you could end up losing quite a bit of money before you even get to your destination. Try to exchange money before you get to the airport instead.

2.    Taking taxis

Try to avoid taking taxis from the airport, as there is often a surcharge. Look into taking public transport instead if it is safe to do so.

3.    Using ATMs multiple times

ATMs usually charge a fee for foreign cards, so if you must take money out, try to do so in one transaction to avoid receiving multiple charges.

4.   Not paying in local currency

If you’re paying by card, try to pay in the local currency where possible, as paying in pounds won’t get you the best rates and exchange fees may be added too.

Sharvan Selvam, Commercial Director for Aqua says, “Planning ahead is key to avoid overspending when on holiday. Doing your research and creating a budget prior to your holiday will help you know how much you can comfortably afford to spend on each aspect of your trip. It’s also helpful if you can avoid costly conveniences, such as exchanging currency at the airport and withdrawing cash from ATMs as these options can add up.”

“Using a credit card can be a great way of safely spending money abroad as they can be blocked and replaced in the event of theft or fraud, whereas cash is unlikely to be recovered. Credit cards can also be useful when booking hotels and flights because of the protection they offer if the vendor doesn’t deliver what they promised, just make sure you check with your provider to see if they charge a foreign transaction fee, and be sure to stay within your credit limit and have a payment plan in place.”