The recession is not only impacting our daily lives but also when or if we go on holiday. 36% of Brits have either paid or will be paying using a line of credit this summer, revealing that they can’t afford to go away this holiday.
Voucher codes pro conducted the poll of 1,390 adults as a means of research into the spending habits of Brits.
Respondents were initially asked 'Do you plan to go on holiday this year?' to which 61% said that 'yes' they did. The remaining 39% claimed not to have any plans to do so.
Of those that were going on holiday, 57% planned to go abroad; whilst the rest planned to holiday in Britain.
The study investigated into the financial burdens of a holiday and asked those who were planning on going on holiday how much they would spend. The average was £360 per person over a week-long stay, including spending money, which translated as £250 per person per week. In Britain the costs were slightly reduced as the average went down to £120 with £150 spending money.
Bearing in mind the high cost of a holiday, respondents were asked, 'Would you consider the expense of your holiday to be well within your budget?' to which 52% admitted that it would be 'tight'. 25% said that they 'could barely afford it’; whilst just 23% felt that the expense was 'no issue'.
When asked about how they would pay for the holiday 36% answered that they would have to enter into debt in order to go. 57% would go into their overdraft, 37% said that they would opt to use their credit card and 18% said that they had withdrawn a loan to cover the cost of the holiday and 25% had borrowed money of friends or relatives to get by.
Of those that admitted that they were taking on debt in order to go on holiday this year, 73% stated that they couldn’t realistically afford to do so; whilst 56% were currently in debt for other reasons (excluding a mortgage).
When asked why they felt the need to go on holiday, 44% felt that a holiday was 'worth the cost'. 38% felt that they ‘needed something to look forward to’. A further 31% simply felt that 'life was too short' to worry about money.
George Charles of Voucher Codes Pro said:
"Everyone loves a holiday, and with a real up and down summer so far in terms of the weather, it seems that some people are just looking to get guaranteed sunshine. But is that tan worth it?"
"Holidays are becoming increasingly expensive, and with living costs going up, it might sometimes be seen as financially more prudent to forego a holiday altogether. Debt is a risky business and it might be a case of dancing on quicksand rather than a beach when it comes to personal finances. You can just as easily get a tan in your back garden without spending a fortune; as long as it’s not raining of course!"