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No summer holidays
WE'RE NOT GOING ON A SUMMER HOLIDAY, SAY NEARLY A THIRD OF BRITS. 27 July 2005 Lack of financial confidence is key reason why Brits are staying at home. Nearly a third (30%) of people won’t be taking a holiday this year as financial confidence is falling for one in five Brits (21%) in the past three months, according to MORE TH>N’s quarterly Consumer Barometer. Of those who are going without a break this year, 42 per cent simply can’t afford one. Sadly over one in ten (12%) say they can NEVER afford to get away and 9% just don’t have the time. MORE TH>N’s Consumer Barometer found the reason people were planning to forfeit their annual holiday could be down to a lack of confidence about their personal financial situation. Over a quarter of Britons (26%) said they were either not very confident or not at all confident about their current finances. A fifth (21%) also claimed confidence in their money matters had fallen over the past three months. Graham Hollebon, Head of Personal Finance at MORE TH>N, says: “It seems from our research that many Britons won’t be heading for a break in the sun this year because they simply can’t afford it or would rather focus on paying off debt or saving money. Even those taking time off to relax admit ...cont/
they’ll be reining in their budget this year and plan to spend less on their annual holiday. “Financial confidence has fallen for around a fifth of Brits in the last three months, which could indicate why many are deciding to ditch holiday plans this year. The outlook for house prices continues to be unsettled and with interest rates remaining on hold it is little wonder that people are watching their spending quite carefully.” MORE TH>N’s study found people were most likely to be saving money at the moment (31%), paying off debt (30%) or for over one in ten (11%), spending more than they can afford. Watching the pennies… or the euros Even holidaymakers admitted they intended to cut back this year – over one in ten (13%) said they were planning to spend less than usual on their trip away. Those intending to watch the pennies this year said they had either spent more than usual last year (26%), were saving for something else (19%), were not as well off (17%) or were just not sure of their financial future (15%). Covering the cost of the Costa Dipping into savings is how 41 per cent of Brits say they pay for their annual holidays. However, credit cards are also heavily relied upon as a payment method, with over a quarter (27%) saying they pay on their
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plastic and then pay off in full when they return. A further one in ten (13%) pay on a credit card and then try to pay it off bit by bit. Desperate to get away, 1% said they’d go into their overdraft and 0.5% would take out a loan. Graham Hollebon comments: “If you are paying for your holiday on plastic and can afford to pay the debt off in full then choose a card with cashback to earn a ‘discount’ on your holiday. For example, MORE TH>N’s credit card offers customers a cashback return of up to 0.8% on purchases.” When on holiday nearly half (46%) favour cash to cover the costs of their spending; travellers cheques are favoured by 16 per cent and over one in ten (14%) use a credit card whilst away. MORE TH>N’s Personal Finance unit, which offers life insurance, critical illness cover, mortgage protection insurance and a credit card and travel insurance, introduced its Consumer Barometer in April 2005 to monitor the true opinions of the ‘average person on the street’. The Barometer will be published regularly and over time should illustrate the ups and downs of the nation’s financial mood swings. The information contained in this press release should not be relied upon by private investors or any other persons to make financial decisions.
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By;- Travel Insurance by MoreThan
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Drunk on the piste - Churchill Travel Insurance Drunk on the piste? A quarter of skiers ignore new ‘drunken skiing’ fines
3 February 2005
Boozy British skiers could be banished to the 'dry' slopes by ‘piste police’, as skiers are ready to ignore new penalties...
Age Limit Raised - Barclays Travel Insurance Barclays raises age limit for the mature traveller.
1 June 2006 - Barclays Insurance
Barclays announces an enhanced deal for the older traveller who is looking to purchase travel insurance. From today, new or existing...
Brits looking further than the beach - Go Travel Insurance Brits looking further than the beach.
05/05/2006
Single Trip Travel Insurance - Click Here for a Quote
Annual Travel Insurance - Click Here for a Quote
Most Brits are looking for a range of experiences on holiday, ...
Brits are travelling abroad more often. - MoreThan Travel Insurance 18 April 2006
Yet 3 out of 4 people still buy single trip travel insurance.
MORE TH>N recommends annual travel insurance to save time and money.
Nearly half of all travel policies are taken with tour operators, costing consumers over...
Over 200,000 Brits could be injured. - AXA Insurance (08/06/2006)
Over 13 million people will go on an activity holiday this year
Risk of injury could increase as almost a third of people opt for activity holidays
Trekking, cycling, water sports/diving holidays most popular
One...
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