Millions passing up a foreign holiday to balance the books
New figures from ING Direct have shown that as many as 4 in 10 of us will forgoing a summer holiday abroad this year in order to balance the family books. A weaker pound and higher prices abroad are squeezing family finances and in order to keep up with the cost of living at home many Britons will be giving up their much loved holiday abroad.
This is not surprising, with higher inflation and a weaker pound , in the last four years the pound has slipped more than 20% against the Euro, giving holidaymakers little more than one Euro for every pound.
Those choosing replace their foreign holiday with a UK holiday should still consider buying medical conditions travel insurance. Travel Insurance for pre existing medical conditions is not just for holidays abroad, it will offer valuable cover for those who are holidaying is the UK as well. Under a medical conditions travel insurance policy, should you need to cancel your holiday due to an existing medical condition this would be covered, as would cover for your travelling companion to say on at the holiday destination should you be taken ill and cannot return home as planned.
Richard Doe, of ING Direct, said, “It’s clear that a tough economic climate is causing consumers to pull off a very difficult balancing act – cutting down on debt while dealing with rising prices – so it’s not surprising that the summer holiday is often being sacrificed.”
Traditional holiday destinations for Britons such as Spain, France and Italy are much more expensive now than in previous years, figures from the Post Office show between 2007 and 2011, a selection of typical holiday expenses in Italy has increased approximately 70%.