UK cost of living crisis sees families go on holiday STAY IN to save money

UK cost of living crisis sees families go on holiday STAY IN to save money

  • Cost of living crisis forces vacationing families to stay abroad to save money
  • Britons decide to ditch dining out, room service and alcohol while traveling
  • More than a quarter have set a daily spending limit for themselves, study finds

The UK cost of living crisis sees families going on holiday then staying to save money.

Britons are deciding to ditch meals and stay indoors while traveling due to the falling value of the pound.

According to a new study by travel money specialists No1 Currency, a fifth of Britons on holiday avoid eating out in restaurants whenever possible, and around 20% avoid room service.

And 18% of those surveyed gave up alcohol while on vacation in an effort to save money.

18% of respondents gave up alcohol while on vacation in order to save money. File Picture

The research, which looked at the spending habits of 2,000 returning holidaymakers, was released as the pound continued to plunge against the dollar and euro.

This makes holidays in Europe and the United States even more expensive.

More than a quarter of vacationers have also set themselves a daily spending limit while away because they are more cash-strapped.

On Saturday morning, the pound fell to its lowest level against the dollar in 37 years, at $1.135, and to its lowest level against the euro since February 2021, at €1.1407.

The latest drop means the pound is down 15% against the dollar and 3% against the euro so far this year, with experts warning it could weaken further.

Simon Phillips, chief executive of No1 Currency, suggested Britons planning a trip abroad should settle their currency now, in case the value of the pound falls further.

“These are tough times for the pound, so if you’re planning a trip overseas in the coming weeks or months, it might be a good idea to grab some foreign currency now rather than leaving everything to the last minute,” said Mr. Phillips. .

“This way you will have the certainty of knowing that if the pound weakens further by the day you travel, you will not be a loser.

More than a quarter of vacationers have also set themselves a daily spending limit while away because they are more cash-strapped.  File Picture

More than a quarter of vacationers have also set themselves a daily spending limit while away because they are more cash-strapped. File Picture

“Exchange rates can vary widely between different travel money providers, so shop around for the most competitive quotes.”

The fall in the pound was fueled by concerns over the growth of the UK economy and skyrocketing inflation.

Prime Minister Liz Truss’ bailout plan for the economy is also uncertain, with some economists warning the pound could fall to $1.05.

In the United States, the dollar is gaining strength following a series of aggressive interest rate hikes across the Atlantic, which have made the currency more attractive to investors.

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