Sun, sea, sand and debt
Sun, sea, sand and debtBrits love nothing more than a spot of sun, sea and sand when going on holiday, but at what cost?
It seems a passion for taking holidays has not translated into financial sense as many people are getting into debt to pay for their break, Alliance & Leicester figures show.
Research by the bank found that although the majority of us take at least two trips a year, ten per cent go on their next holiday before having paid for the last while 25 per cent took 12 months to pay off their last break.
This means that 4.2 million Brits flew from a UK airport for their holiday last year without having cleared off the last break in their bank accounts.
Men are particularly susceptible to ignoring the financial reality and are twice as likely as women to go on holiday without having paid for the last.
Ross Dalzell, Alliance & Leicester savings manager, said: "We all like to have a holiday (or three) to look forward to each year - for many booking another one is the perfect way to beat post-holiday blues. With holidays just a mouse-click away, the temptation to get away from it all has never been greater.
"So much time and effort is put into booking and planning our holidays, it's important that the same attention is given to considering how to fund them. Setting up a holiday fund and putting what you can afford by each month is the best way to ensure that you’re not still paying for your holiday fun long after your tan has faded."
Source: saveborrowspend.co.uk
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