Staycation may increase debt

Consumers hoping to avoid piling up more debt by holidaying in the UK instead of going abroad may find this move backfires.

This may particularly be the case if they spend their time in London, according to a study by M&S Money.

It has found a staycation in the capital is 25 per cent more expensive than the typical foreign beach holiday, with those who went to join in the Jubilee celebrations and are going there for the Olympics shelling out £1,631 on travel, accommodation and other spending.

This compares with £1,298 for the typical overseas holiday, with European locations notably cheaper.

According to the survey, 54 per cent of Britons will be taking their summer holiday in the UK this year instead of going abroad.

Earlier this year, the government launched a campaign urging people to take a holiday in Britain in 2012, with the Jubilee and Olympics listed as the highlights of the year.

Posted by Paul Thacker