More than a third of Britons are out of control with their holiday spending and are in danger of storing up financial woes when their sun-tan has faded according to research from Chiltern Debt Management.
It asked more than 1000 people about their holiday spending habits and discovered more than one in ten people will pay for their holiday using credit and one in four admits they have no idea how much they will spend while away, as they don’t keep track of it at all.
Chiltern Debt Management general manager Jackie Newton warns: “There are certain times of the year when people are more at risk of getting into debt and the summer holiday is one of them. Our research shows some people are just not managing their finances sensibly.
“We help many people who thought they could manage the credit they were taking on over the holiday period but a slight change in circumstances pushes people over the edge. People need to budget and not push themselves to the limit so they can manage the ups and downs of life.
“As the summer holidays are nearly on us people should be wary of that and make sure their spending now isn’t going to store up trouble for the future.”
Key Findings
• 45.7 per cent of Britons say they are going on a summer holiday this year, with women slightly more likely to take a summer break than men (47.1 per cent against 44.2 per cent).
• 13.9 per cent of Britons will pay for their holiday using a credit card or loan, 41.3 per cent will pay from savings.
• Women are more likely than men to pay for their holiday using credit, 15.9 per cent against 11.5 per cent.
• Only 9.3 per cent of Britons keep track of exactly how much they spend on holiday.
• 23.8 per cent of Britons admit they don’t keep track of their holiday spending at all and a further 9.2 per cent say they always spend more than they thought they would.
• Young people are the most likely to take a holiday this summer with 58 per cent of 16 to 24 year olds going away compared to an average of 45.7 per cent.
• Pensioners are the most likely to pay for their holiday using a loan or credit card, 19.1 per cent against an average of 13.9 per cent.
• Pensioners are also the least likely to keep track of holiday spending with 26.6 per cent admitting they don’t keep track of spending at all compared to an average of 23.8 per cent.
“For people who do overspend or who have an unexpected change of circumstances which means they are unable to afford their credit commitments Chiltern Debt Management can help, either with a free guide for self-help debt management or a professional and timely debt management service,” says Ms Newton.
About Chiltern; Chiltern was established in 1996 and provides advice to people in debt, ranging from a free DIY Debt Management Guide to a professional, paid for, debt management service.
Chiltern charges the first affordable monthly payment to set up a debt management arrangement and 16 per cent of each subsequent payment.
Chiltern is a founder member of the Debt Managers Standards Association (DEMSA) and adheres to its strict code of conduct and complaints procedure.
Chiltern is also a member of the Trafford Trading Standards Better Business Scheme.
Chiltern is part of the MoneyPlus Group, a one-stop shop for people who need help to manage their finances.
For further press information contact: Jo Gill or Steve Clark at Source Marketing Communications, Aspect Court, 47 Park Square East, Leeds, LS1 2NL. Tel: 0113 380 1644, Fax: 0113 380 1630, E-mail: jo@sourcemc.co.uk or steve@sourcemc.co.uk