Ffrees.com found that the average family holiday is causing people to have a pay now think later mentality.
In 2013, 32.9 million Brits have planned to go on holiday and many of them have put themselves in the in a bad way financially even before they have gone. 49% said that they are scared they will blow too much money on and before their getaway.
A lot of families, particularly the ones with children in their teens will spend over £1000 a week over budget. 24% spend on average £250 to get all their holiday essentials and in the airport on gadgets and sun cream.
26% of holiday makers in Britain plan their holiday six months in advance, however many admit to booking last minute in order to get the cheapest deal (12%).
Alex Letts, Ffrees CEO comments, “There’s a real element of spend-now-panic-later about holiday budgeting, and, of course, we’ve all been there. But this good news for the holiday companies will have a negative impact on High Street spending after holiday-makers return.”
Ffrees have come up with a solution, by entering its current account holders into a £500 free prize draw. You will also get 6% rewards on holidays and travel must haves. The rewards are placed in their saving accounts when they return from their holiday, as well as offering a pre-paid MasterCard to ensure your money is as safe as possible while you are abroad.