HOLIDAY BUDGETS BLOWN SKY HIGH IN SUMMER 2009
New research from Travelex reveals UK holiday spending habits during the last six months

Date: November 23, 2008

Despite the credit crunch, 23 per cent of UK holidaymakers travelling abroad this summer exceeded their holiday budgets, with many spending an additional £500 or more.

Of those who overspent:

• 21 per cent spent an extra £150 – 200
• 13 per cent exceeded budgets by £201 – 250
• 8 per cent splashed out an additional £251 - 250
• 8 per cent went more than £500 over budget
• 12 per cent of men overspent by £500 or more, compared to just 3 per cent of women.

This new YouGov research from Travelex, forming part of its quarterly industry monitor, also reveals some interesting differences in holiday spending between different groups across the UK.

Holidaymakers between the ages of 18 and 24 were the biggest offenders when it came to overspending, with almost a third (32 per cent) of those surveyed exceeding their trip budget. The results also reveal that those aged 55 and over were most likely to return home with money, with 21 per cent spending under budget.

When looking at those who overspent, 26 per cent of 18 – 24 year olds and 28 per cent of those over 55 admitted to an additional £150 - £200. The under 45s spent most over budget, with 11 per cent of the 25 - 34 age group, and nine per cent of respondents aged between 18 – 24 and 35 – 44 spending an additional £500 or more.

Ana Ansell, head of marketing, Card and Mobile Payments at Travelex said: “There are certainly many more people in the UK considering budgeting when on holiday, which is no surprise when you consider the economic climate of 2009. However, a significant proportion of these people are spending way over their limits, which may lead to potential problems when paying debts back later in the year.

“Summer holidays are all about fun and relaxing, so it is important that people do not spend precious time worrying about money. Prepaid cards such as the Cash Passport™ provide a great budgeting tool, and with sales increasing more then 400 per cent this summer year on year, it looks like the message is starting to get through”.

- Ends -

Notes for editors

Key regional differences in spending

• Northern Ireland:
• highest number of holidaymakers blowing budgets, 36 per cent
• largest number of people, 18 per cent, to exceed spending by more than £500
• least likely to stick to budget, 25 per cent
• North:
• fewest number of people to exceed holiday funds by more than £500, 1 per cent
• Midlands:
• least likely to blow budgets at 15 per cent
• highest number of people to spend less than planned, 26 per cent
• Scotland:
• best at sticking to budget, 42 per cent
• London:
• least likely to spend less than planned, 10 per cent.

Travelex
Travelex is the world's foreign exchange and international payments specialist. Operating through subsidiaries and branches in five regions: the United Kingdom; Europe, Middle East and Africa (EMEA); Americas and Asia Pacific.

As one of the world's leading providers of outsourced travel money to banks, travel agencies and other retailers; it provides products including its prepaid travel card Cash PassportTM to over three million channel customers annually. Through its world-leading automation, Travelex offers consumers a full range of delivery channel options including telephone and web-based ordering.

www.travelex.com | www.cashpassport.com

All figures, unless otherwise stated, are from YouGov Plc.  Total sample size was 2021 adults. Fieldwork was undertaken between 13th - 15th October 2009.  The survey was carried out online. The figures have been weighted and are representative of all UK adults (aged 18+).

For more information, please contact the Travelex press office:

Rebecca Lamont/ Rebecca Maund
07989 230737/ 020 7255 6400
rlamont@golleyslater.co.uk  / rmaund@golleyslater.co.uk