Debt conscious Brits opt for staycations

According to a recent report a rising number of people in the UK who are conscious about falling into debt and want to avoid the pitfalls of any further debt are now opting for staycations when it comes to holidays, as they believe that this will be the cheapest option for them in the current climate. Nearly one in four Brits stated in a recent survey that they would be trying to spend less on their holiday this year.

For many people, going abroad on holiday has become increasingly difficult as a result of their financial situations. Many have found that the cost of flights and accommodation have become too much for them to manage on their more limited budgets, and those with families are finding it increasingly difficult to afford to take the whole family on an overseas holiday, as this can run into many hundreds or even thousands of pounds.

The survey was carried out by the Insolvency trade body, R3, which said that of those that were trying to save money on their holidays nearly 60 percent had decided to holiday at home. Those that decided that they still wanted to holiday abroad looked at other ways to save money, with over 70 percent reducing the cost of accommodation, 66 percent choosing cheaper travel, and 60 percent deciding to spend less money whilst they were on their holiday.

An official from the firm said: “People choosing not to have a holiday this year is likely to have grown out of necessity rather than choice. UK households will either simply not have the money to go on holiday as result of cuts to their disposable income or have decided to save their money in preparation for the difficult times ahead. R3’s latest personal debt snapshot revealed only a quarter (25%) of consumers believe their financial situation will improve over the next six months. The money saved from spending less or not having a holiday at all will provide individuals with a financial ‘buffer’ in case they fall on hard times.”

Tags: Brits, spain, choosing, financial situation, choice uk, holiday, current climate, cheapest option