momondo found that only 50% of Britons budget for the total amount they can spend both on the booking phase and during their holiday.
Travelling can quickly become expensive, but with a little planning, travel dreams can easily come true. But almost one fifth of Britons don’t even budget for their holidays. That’s the conclusion of a new international survey that travel site momondo.co.uk conducted among 29,000 people globally, with 1,013 of respondents being Brits.
momondo found that only 50% of Britons budget for the total amount they can spend both on the booking phase and during their holiday.
Almost a fifth of Brits surveyed by momondo, at 19%, never make any budgeting decisions ahead of their holiday, while 14% of Britons just make a budget for transport to and from the destination (e.g. plane or train tickets) and 10% decide on a budget for accommodation.
momondo spokesperson, Lasse Skole Hansen states: “It’s surprising that so many Brits just don’t save up for their holidays. Globally however, Brits are far from the worst offenders. The Germans, the Swiss and the Scandinavians lead the pack with a third of the population not budgeting for their holidays.”
Young people often receive flack for economising poorly, but momondo’s global survey results found only 10% of 18-22 year-olds don’t make a budget, compared to a sizeable 30% of adults aged 56-65.
Young Britons nifty at being thrifty
To be able to afford a vacation, 43% of Britons stated they set money aside regularly to be spent on a holiday.
And 10% sell some of their things, 14% pay in instalments and 13% save up by making regular contributions to a fund shared with friends or family.
Again, the 18-22 year-olds come out as most responsible with 19% and 23% respectively taking an extra job or saving in a fund shared with friends and family, in order to afford their travels.
“Overall, it seems many Britons aren’t strapped for cash as 29% don’t do anything special to be able to afford their holidays,” cites Hansen.
How we prefer to count costs
In terms of what Britons prefer to save money on whilst on holiday, 27% stated they like to save on plane tickets.
A further 26% choose to make savings on accommodation, 14% on transfers to the destination, 24% save money on evenings out and 23% choose cheaper options for meals and snacks during the holiday.
Though it seems that a fifth of the population don’t penny pinch at all. A total of 20% of Brits questioned don’t worry about how expensive or inexpensive their holiday will be.
Hansen further states: “There are plenty of ways Brits can see the world though, without breaking the bank. We have a resource of useful tips and free money-saving tips tools on momondo, to help users get more travel bang for their buck.”
Money-saving flight tips
- Book your trip 53 days in advance to get the cheapest tickets – and you can achieve average savings of 26%.
- Tickets are generally most expensive on the day of departure.
- Evening departures between the hours of 6pm and 12am typically offer the cheapest fares.
- It is usually more expensive to fly in the morning and midday, before 3pm.
- A Tuesday is generally the cheapest day to fly.
- Saturday is routinely the most expensive day of the week to fly
Hansen further states: “We would always advise travellers to stick to these golden travel rules, to secure the cheapest flights. And in general, it pays to book flights two months in advance. We found these trends consistent across the board, so bargain hunters should consider flying in the evening and on Tuesdays if possible, to save the most money on their trip.”
Survey data
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50% of Brits budget for the total amount they can spend both on the booking phase and during their holiday. |
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19% of Brits never make any budgeting decisions ahead of their holiday. |
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14% of Brits just make a budget for transport to and from the destination. |
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10% decide on a budget for accommodation. |
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10% of 18-22 year-olds don’t make a budget for their trips. |
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30% of adults aged 56-65 don’t make a budget for their trips. |
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43% of Brits stated they set money aside regularly to be spent on a holiday. |
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10% of Brits sell some of their possessions to pay for a holiday. |
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14% pay for holidays in instalments. |
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13% of total Brits save up by making regular contributions to a holiday fund shared with friends or family. |
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19% of 18-22 year-olds take an extra job in order to afford their travels. |
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23% of 18-22 year-olds save in a fund shared with friends and family, in order to afford their travels. |
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29% of Brits don’t do anything special to be able to afford their holidays. |
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27% of Brits like to save on plane tickets. |
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26% of Brits make savings on accommodation. |
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14% of Brits make savings on transfers to the destination. |
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24% of Brits save money on evenings out. |
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23% choose cheaper options for meals and snacks during the holiday. |
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20% of Brits don’t worry about how expensive or inexpensive their holiday will be. |
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
