Alliance & Leicester: 4.2 million Brits go on holiday before paying off the last one

09 July 2007
An increasing number of Britons are choosing to go on holiday again before they have paid for the last one, according to the Alliance & Leicester Savings holiday report.

The research found that as many as 4.2 million of us (12% of men and six per cent of women), are unperturbed by going again before paying the last holiday bill, with more than one in five taking up to a year to pay for the last one.

Most Britons take two holidays a year, but more than one in ten choose to take a break five or more times annually, with 13% of travellers aged 55 or older treating themselves to more than five a year.

Even those who have a holiday fund do not save as much as they need, but go away anyway, the survey found, with 19.4 million falling short but jetting off regardless.

Ross Dalzell, Manager for Savings at Alliance & Leicester, said: “We all like to have a holiday (or three) to look forward to each year – for many booking another one is the perfect way to beat post-holiday blues. With holidays just a mouse-click away, the temptation to get away from it all has never been greater.”

Brits are also guilty of overspending once they get to where they’re going, with more than a quarter admitting to spending more than they had intended, and as many as one million confessing to abandoning their budget completely and shelling out between £500 and £1000 more than they intended, usually putting the excess-spending on credit cards.

Dalzell warns that our excessive holiday spending could lead to a potential “financial nightmare”, and that “So much time and effort is put into booking and planning our holidays, it’s important that the same attention is given to considering how to fund them. Setting up a holiday fund and putting what you can afford by each month is the best way to ensure that you’re not still paying for your holiday fun long after your tan has faded.”

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