Even though many of us may not have been away for a while, British holidaymakers could be saving on a recession-busting £150m in leftover foreign currency.
Research has discovered that nearly half of all holidaymakers usually come home with around £50 worth of unused foreign cash and 75% of us just dump it in a bedroom drawer or a piggy bank. A Foreign Exchange Survey carried out by travel agencies found that 41% of those who went on a package holiday all brought back £50 each, worth £150m which could be saved or spent to help our ailing economy. And while the same people might watch the pennies at home, they will splash the cash when abroad, regardless of the state of the economy.
BRITS LOVE A SOUVENIR
Well over half of British holidaymakers said they spend whatever they like once they get away and don’t bother to budget – which is great news for an industry that says it will take years to get back on its feet after travel restrictions. More than a third of respondents confessed they did not save for their holiday spending money – spending whatever they fancied on meals and days out, closely followed by wine and beer. Brits abroad also love to treat themselves to a few souvenirs with jewellery – often diamond rings and watches – weighing in at the top end of the market, as well as ornaments, furniture and handbags. Holidaymakers also love to bring back a special memento for family and friends, with stuffed donkeys easily topping the worst souvenir league table. Other tacky favourites include fridge magnets, sombreros, stuffed camels and local wines and spirits.
SIMPLE WAYS TO SAVE AND BUDGET
There are some really simple ways customers can save and budget, to avoid nasty credit card surprises when returning home. This includes using prepaid currency cards which can be used just like a debit or credit card but head off your hidden holiday fees – and give you a better exchange rate.
They are ideal for people who want to keep control of their finances while abroad as you simply load them with your required currency before you go and use them to pay for goods and services and at ATMs on holiday. And with identity fraud a common feature of everyday life, prepaid cards are completely secure as there’s no way that anyone can access your details as the cards are not linked to your bank account and are pin-protected.