Brits spending savings on holidays

Brits are blowing some £50 billion of savings on holidays every year, according to new research by Abbey.

The company found that more than a quarter (26 per cent) of Brits believe that the best way to use excess money is to take a holiday.

An amount equivalent to ten per cent of Britons' net income – around £1,650 – is spent on holidays every year, adding up to total expenditure of £81 billion, according to Abbey.

Nearly two thirds (62 per cent) of respondents said they use their savings to pay for their holidays, adding up to some £50.4 billion of stashed-away cash that is used for travelling.

A third (33 per cent) of the people asked by Abbey said that going on expensive holidays was one of their top three priorities.

Recent research by the Cater Allen private bank found that some £64 billion is spent every year on Brits travelling to celebrity hotspots such as Dubai and Rio de Janeiro.

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