New research from www.vouchercodespro.co.uk, which polled 1,390 adults, suggests that a third of Brits will be getting themselves into debt to pay for their holiday this year.
Of those respondents (61%) who were going on holiday, 57% planned to go abroad; whilst the rest planned to holiday in Britain.
The study then looked at the financial costs of a holiday, asking respondents who planned to go away roughly how much they planned to spend. The average response per individual for those going abroad for a week-long holiday was ‘£360 plus spending money’, which was estimated to be ‘£250’ for the average person. For those planning to holiday in Britain, they expected to spend an average of ‘£120’ on their stay, with £150 spending money.
Respondents were also asked if they considered the expense of their holiday to be well within their budget. Some 52% of those polled admitted that it would be 'tight', 25% said that they 'could barely afford it’, while 23% felt that the expense was 'no issue'.
Respondents were then asked how they planned to pay for their holiday, to which 36% confessed that they would take on debt to do so – and of these, 57% admitted to ‘going into their overdraft’ to cover the expense, 38% said they would pay on credit card and 18% said that they had ‘taken out a loan’ to cover the cost. A further 25% stated that they had or planned to borrowed money off 'relatives or friends'.