A recent survey of consumer spending habits*, carried out on behalf of the Financial Services Compensation Scheme (FSCS), has highlighted some interesting attitudes and behaviours of holidaymakers from the UK.
Saving up for a holiday
It turns out that we are a nation of savers after all, with 65% of those surveyed saying that they choose to save for their holiday. Over half (51%) save up in advance to cover the entire cost of the trip, while a further 14% will save some money but also pay at least part of the cost with loans or credit cards.
Personal finance writer, Penny Golightly shares her top tips for saving for holiday:
Tip 1: Saving into a holiday fund is much cheaper in the long run than putting a holiday on a credit card or taking out a loan – especially if you have no clear plan of how to pay off the debt.
Tip 2: You can check that your holiday funds are protected by visiting: http://www.fscs.org.uk/protected/
Do you save up in advance for your holidays? Have you checked that any savings are safe in an FSCS protected bank, building society or credit union?
* From a survey of 2,065 UK adult holidaymakers aged 18+, conducted by Opinium Research during 26th to 29th November 2013.