NS&I: Britons lose control of holiday expenditure

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NS&I: Britons lose control of holiday expenditure

Fri 20th Jun 2008

Most Britons overspend while on holiday, a survey by NS&I has found.

The latest NS&I quarterly savings survey found that 61 per cent spend too much while away, by an average excess of £133, while 34 per cent fail to set a budget for holiday spending.

A fifth (20 per cent) do not look at their financial situation before booking.

Reasons for overspending include feeling "I'm worth it" after working hard all year (49 per cent of overspenders) and not thinking about the money due to excitement (30 per cent).

More than half of holiday overspenders (57 per cent) admit to breaking the budget with gifts, souvenirs or clothes.

Research published by ITN earlier this month found that backpackers are spending more on their travelling.

Such travellers spend an average of £3,764, with more than eight per cent spending £10,000 or more.

The average value of the possessions they take with them is £1,097, and 13 per cent of those polled take accessories worth over £2,500.

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