Britons budgeting for holidays, say Clydesdale and Yorkshire Banks

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Britons budgeting for holidays, say Clydesdale and Yorkshire Banks

Consumers in the UK are cutting back on non-essential items to ensure they can afford a holiday, a new study has revealed.

Research by Clydesdale and Yorkshire Banks found that the average Briton is now saving £1,095.48 every year.

This is £74 up on the amount recorded a year ago and has come about partly because people are sacrificing a number of luxuries.

For instance, consumers were said to be spending less on nights at the pub, make-up, clothes and shoes.

Clydesdale and Yorkshire Banks stated that the money freed up by these sacrifices is being diverted to more expensive pursuits such as taking a holiday.

Steve Reid, retail director at the company, said this shows that Britons are spending their money more wisely.

He noted that cutting back on small luxuries has allowed consumers to pay for the "things that really make a difference in life".

This comes after research by the Post Office found that many people are opting to switch their first choice destination to ensure they can still afford a two-week break.

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