Brits 'using savings to fund holidays'

British people are ensuring that they can continue to take holidays during the credit crunch by using their savings to pay for breaks, according to a new survey.

Halifax conducted a poll of more than 1,000 British adults and found that nearly three in four (72 per cent) are using their savings to pay for a holiday this year, compared to less than a third (27 per cent) who will be using credit cards.

Half (51 per cent) of the respondents to the survey said that saving up for a holiday gives them something to aim towards and 31 per cent revealed that they are putting money away for a particularly special trip.

When questioned about their travel plans this year, over half (53 per cent) of people aged 16 to 24 said they will be visiting somewhere in Europe and 42 per cent of 45- to 54-year-olds reported that they will be taking a long-haul break outside the continent.

Flavia Palacios Umama, head of savings products for Halifax, 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."

Future holiday plans appear to be important to many Brits, with half (51 per cent) of the people surveyed saying they are already thinking about saving up for next year's getaway.

Posted by Paul, 02 September 2009 17:22

News tags