As this summer draws to a close, many Brits have already begun saving for next year’s holiday in the sun.

According to Halifax, 51 per cent of Brits are looking ahead to summer 2010 by putting money in to savings accounts.

Of those who are saving for their holidays, 83 per cent have chosen to save a little each month in a regular savings account, compared to 31 per cent who prefer to save lump sums.

This year, almost three quarters of people in the UK intended to use their savings to pay for their summer holidays.

More than half of Brits aged between 16 and 24 headed to somewhere in Europe on their holidays this year, while 42 per cent of people aged between 45 and 54 ventured outside of Europe.

The Halifax research found that 44 per cent of holidaymakers are likely to spend as much as £500 per person on their travels, while 28 per cent will spend up to £1000 and a further 15 per cent will spend in excess of £1000 per person, making saving a necessity.

Pleased to see people are looking to save in preparation for their holiday, Flavia Palacios Umama, head of Halifax savings products said: “It is great to see that so many people are saving towards their annual holiday which should give them a real sense of achievement on a well deserved vacation.

“This leaves them free to enjoy the sunshine and not worry about a financial holiday hangover when they get home.”   

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© Fair Investment Company Ltd