Abbey: Britons use £50 billion in savings for holidays

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Abbey: Britons use £50 billion in savings for holidays

Britons are using savings to fund their holidays, new research from Abbey has found.

More than a quarter (26 per cent) think that the best way to spend disposable income is to go on holiday rather than save it, according to the poll.

The study found that Brits spend on average 10.1 per cent of their net income, or £1,650, on holidays annually, which equates to £81 billion per year overall.

In addition, 62 per cent use their savings, which adds up to £50.4 billion annually.

Reza Attar-Zadeh, director of savings and investments at Abbey, suggested that people cut back a "small proportion" of holiday expenditure for saving, which could make a "real difference to their financial wellbeing".

Meanwhile, 56 per cent of motorists polled by the AA say they are not going away this bank holiday weekend, with almost a quarter citing the cost of petrol as the biggest reason.

Half of those who are leaving are taking simple day trips.

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