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Over a third of Essex residents overspent on their last holiday abroad

24 Jun Over a third of Essex residents overspent on their last holiday abroad

BIG-SPENDING residents from East Anglia are running out of cash on holiday, with two fifths of all tourists failing to take enough money with them, with 36% admitting to overspending on their last holiday.

With two fifths (40%) falling back on credit cards, or borrowing money from their travel companions, the research from Moneyexpert.com also found that nearly half (44%) are happy to put their holiday spending on their credit/debit cards, even if it means paying extra fees.

Many residents are seeing their holiday cash disappear before they even step on the plane, with unsightly fees for overweight baggage causing a headache for over a quarter (27%). Respondents were on average charged over £43 for the pleasure of taking a few extra bikinis and budgie smugglers in their luggage.

But before they head for sea, sun and sand, over two fifths (45%) of frivolous residents are happy to prioritise ease and convenience when it comes to exchanging currency, rather than getting the best deal, even though 50% also agreed that they have no idea if they’re getting a good deal at their currency exchange of choice.

It’s not just money that residents are being careless with, it’s their wellbeing too. Almost a third (30%) are not buying travel insurance when heading abroad, with 48% thinking they won’t need it and 52% choosing not too as it’s too expensive.

However, residents are not just splashin’ the cash abroad. Before they even leave for the airport, a new wardrobe and fresh trim are top of the pre-holiday agenda, with 54% prioritising new clothes, 48% heading to the salon for a haircut, whilst 39% splash out on accessories like designer sunglasses and lilos.

Jason Smith, Savings Guru at Moneyexpert.com said: “It’s fascinating how many Brits aren’t budgeting correctly when they’re abroad and running out of cash. This leaves them open to card charges and dodgy exchange rates which could see them even further out of pocket. It’s easy to get carried away abroad when you’re having fun, but keep tabs on your expenditure to avoid any financial headaches on your return.

“It’s also surprising to see so many tourists avoiding travel insurance because they think it’s too expensive. It’s important to be covered in case of emergencies, and the cheapest basic policies for a week in Europe start at under £5, so there’s really no excuse.”