New research released today (August 19th) has suggested that Britons blow a whopping £50.4 billion from their savings per year to help fund their holidays.
Abbey Savings conducted a survey which showed that 62 per cent of respondents admitted to dipping into their savings to fund their summer break, meaning a total of £3.2 billion could be being lost on interest.
Furthermore, Britons are spending 10.1 per cent of their net income on holidays on average, while 26 per cent claimed that heading abroad is the best way to spend any excess money.
Reza Attar-Zadeh, director of savings and investments at the company, said: "If people cut back a small proportion of the amount they spent on holidays and kept their savings, this would make a real difference to their financial wellbeing.
"With savings rates at excellent levels, there has never been a better time to save for the future."
In addition, the research showed that 33 per cent of people in the UK now feel that going on holiday is one of their top three priorities.
Even if holidaymakers are now blowing their savings on their holidays, forking out a little more to secure
cheap travel insurance is undoubtedly a wise move.
