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17 May 2012 08:55
Lots of people have to resort to credit cards or borrowing cash or even return home early because of a lack of funds, says a study
A new survey has revealed a lack of planning among British holidaymakers, with 70% running out of money five days into a week-long trip abroad.
The study claims that people save up an average of £620 over around five months before they set off but it is often not enough and a fifth of all respondents admitted to having come home early before because of a lack of money.
Most are stung by the cost of meals and drinks as well as day trips and presents to bring back and the costs can soon mount up after the initial outlay on flights and accommodation.
The risk of running out of cash on holiday could lead to all kinds of problems, reinforcing the importance of travel insurance.
Nearly half (47%) of all those asked said that their holidays were more expensive than anticipated and the managing director of Teletext Holidays, Victoria Saunders, is advising people to look at the costs in greater detail.
"It's important that people look at the total cost of their holiday at the time of booking, and consider what's included and what's not, if they want to avoid a big credit card bill to welcome them home," she said.
56% of the 2,750 people questioned confessed to barely thinking at all about what they were spending and the majority of those who run out of cash just put everything on a credit card for the last two days of their holiday. A tenth of people even borrow from family and friends in order to keep spending.
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