3 minutes reading time (553 words)

Brits refuse to cut holidays in order to save money

Economic uncertainty caused by Brexit has encouraged Brits to seek better deals on insurance while reducing their spending on luxuries such as takeaways and shopping. However, recent research has found that the public refuse to sacrifice their trips abroad to improve their financial circumstances.

Since the 2016 Brexit referendum, consumer confidence has steadily fallen. Currently, 61 per cent of the public expects the UK economy to worsen over the next 12 months, and 41 per cent expect their personal financial situation to take a hit.

According to a recent YouGov poll, a third of Brits are concerned about the increasing costs of food and groceries and around one fifth (21 per cent) are worried that they do not have sufficient savings in case of an emergency.

To alleviate some of these Brexit-related worries, more than two-thirds (67 per cent) have said they plan to, or already have started, saving money. Of these respondents, three in five (61 per cent) say there is no particular reason for saving other than they want to be prepared for whatever comes.

Cutting expenses seems to be a high priority for several Brits. Around a third of those with a mortgage are reviewing their current rate (34 per cent) and more than a quarter (26 per cent) of insurance policyholders are looking to get cheaper deals on their critical illness cover, income protection and life insurance.

Additionally, the public has placed luxuries high up on their list of ways to cut costs. Takeaways are likely to take the biggest hit, with the most significant difference of minus 25 between those who say they will spend more and those who say they will spend less in the coming year. Coffee and snacks out are the next luxury most likely to go, with a gap of -18.

This was closely followed by having a gym membership (-14), and going to the cinema (-13). Consumers plan to spend less in the food and drinks industry as well, with ‘going out for drinks’ showing a gap of -12, and ‘eating out’ at -9. 

However, the most expensive luxury on the poll - travelling abroad - looks to be the least affected. Despite many believing that holidays (66 per cent) and airfares (65 per cent) will be more costly following Brexit, only 24 per cent are actively planning to cut down on their travel spend in the next 12 months. In fact, two in five (40 per cent) have said they will definitely take a trip abroad in 2019.

Similar findings came from the leading association of travel, ABTA, when they discovered Brits would rather reduce their spending on eating out than cut back on their holidays (25 per cent vs 13 per cent). The most common items that people would consider cutting back on in order to save money was alcohol, cigarettes and takeaway meals.

Of the age groups surveyed, 18-24-year olds were the most committed to their holidays, with only six per cent saying they would reduce the number of trips they had to save money. This is despite the age group often being regarded as having the least disposable income.

Contact Us

Facing up to your current financial problems can be extremely stressful. To mitigate these concerns and improve your financial position, get in touch with our experts via the online enquiry form

330,000 Scottish children live in households that ...
30 signs you are financially comfortable

 

Comments

Already Registered? Login Here
No comments made yet. Be the first to submit a comment

Get in Touch


Invalid Input

Invalid Input

Invalid Input
What sector do you fall under?
Invalid Input
I would like to discuss Invalid Input


Invalid Input
  • 08450510210