Ramsdens research reveals that cost-conscious Brits are worried about running out of cash abroad

More than a third of Brits due to head off on holiday this summer are worried about running out of cash abroad, according to new research.

In the study commissioned by Ramsdens Currency, holidaymakers were far more stressed about running out of spending money (37%) than handing over their work to colleagues (14%), or ensuring their home was secure when they were away (17%). This figure rises to nearly half (46%) of Millennials (25-34 year olds).

The survey also found that unnecessary costs and expensive holiday rip-offs are adding to Brits’ finance fears. Overpriced food, drinks and additional charges are the biggest gripes. The cost of in-flight food and drinks in particular, where a sandwich and a glass of wine can cost as much as £9.95, came top of the list of rip-offs which irk holidaymakers. More than a third (37%) think they pay too much to enjoy an on-board tipple, and it seems the high drinks prices don’t end upon arrival either; 36% said drinks at their destination were also over-priced.

Over a quarter (29%) of us resent paying for airport parking charges, the cost of hold baggage (29%), and poor exchange rates at the airport (26%) before we fly.

To combat these money worries and avoid the pitfalls, many Brits have turned to money-saving measures.

A fifth (20%) are flying very early or very late in the day to save pennies, and more than 1 in 5 (23%) are opting for self-catering rather than pricy meals out, doing this regularly to keep costs down. 22% pick a budget airline, and almost three in ten (29%) choose to go away during less popular times of the year, when potentially unfavourable weather conditions may occur, despite guaranteed great weather being the most important factor for choosing a destination.

Additionally, nearly a third (31%) of 35-44 year olds choose somewhere based on bang for their buck… but that message is not getting through to 16-24 year olds – nearly a quarter (22%) choose their holiday destination based on social media!

Whether a sun worshipper or culture vulture, the most common way by far to pay for a holiday was through savings (50%), however nearly one in six of us (13%) are looking to finance a break through a credit card or a loan.

Peter Kenyon, CEO Ramsdens Currency, said: “With the pound at a two-year low, it’s no surprise to hear that holidaymakers are stressing about the cost of what should be a chance to relax and recharge.

It’s never nice to hand over your hard-earned cash for parking or baggage charges, but many consumers underestimate the amount of money that can be saved by making small changes, like changing your flight time or shopping around for the best currency rates and choosing a destination where your pound goes further.

These small changes can have big results, enabling holidaymakers to relax at their destination and spend their cash on what’s really important.”

Ramsdens’ travel money is commission free, with rates checked daily to make sure customers get the best rate. The business is due to open its first airport branch at Teesside International Airport later this year, where it will offer the same commission-free great value exchange rates that customers would find on their local high street.

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