Report highlights ‘holiday overspend’

A report from American Express has highlighted the extent to which British consumers tend to overspend when they go on holiday.

Many people have been unable to go on holiday because of their debt management difficulties but fewer than one in five of those that do take a trip abroad are sticking to a strict budget, the financial services firm reports.

In fact, around 45 per cent of holidaymaking Britons confess that they tend to blow their budget entirely when they head overseas.

Furthermore, close to a third of people admit that they fritter away any remaining foreign currency they have at the end of their holiday rather than taking the time to change it back into sterling.

“The last thing people want to do when they go on holiday is worry about money and this summer’s trend should be about being savvy with your money,” said Kirstie Bayley from American Express.

Last month, the Christians Against Poverty charity reported that almost half of all British consumers add to their DEBT MANAGEMENT problems by overspending when they go on holiday.

Written by Dan Mather