LONDON - In these dark economic times, it seems that there is one aspect of British life we are not prepared to compromise on, and that is our annual holiday. As the UK is eagerly looking at great holiday deals for 2013 such as these from Lowcostholidays.com, research from the money-saving and voucher code site Savoo shows that over 65% of British holiday makers will come home having spent far more than they had budgeted for.
Almost a quarter of those surveyed claimed they overspent by a staggering 20% and 45% said they just added the extra costs to their credit cards. With the UK credit debt currently standing at 54.6 billion it seems for all the UK's belt tightening, we can't resist splashing out when we are relaxing in sunnier climates.
Why are we so bad at budgeting? It appears the main extravagance when we are on holiday stems from alcohol with 47% of respondents saying that after a few drinks they just didn't care and embraced the holiday spirit. The good news, however, is that we seem to be responsible when paying the money back with almost a quarter of UK holiday makers paying off their debt as soon as they get home.
Simon Bird, General Manager of Savoo, commented, "The best way to stay on budget on a holiday is to get a great deal in the first place and, right now with the market so competitive, there are some real bargains to be had. By doing that it gives you the freedom to spend a bit more and treat yourself when the mood takes you."
Brits also seem not to care about getting themselves in financial hot water when on holiday as 72% of people said they didn't care about the debt and that the memories of a great holiday were worth it.
It seems it's the ladies who are the chief culprits when it comes to holiday overspending, with 65% of women surveyed saying they blow the budget compared to 35% of men.