Brits 'forced to scrap holiday plans'

By Tom Farley, Wed 23 Jul 2008 - Published in Travel Insurance

The number of people looking for travel insurance could be set to fall, if research by CreditExpert is anything to go by.

A study by the credit monitoring service has found 24 per cent of Brits are planning to sacrifice their summer holiday this year as a result of money worries.

The poll also found 2.5 people go into debt every time they go on holiday, double the figure reported last year.

Residents in Wales and the south-west of England are most worried about the current economic climate, with 65 per cent of people from these areas saying they will not go away in the next 12 months as a direct result of financial concerns.

Nevertheless, 16 per cent of respondents across the UK said they would not scrap their holiday plans and admitted they only think about financial implications once they return home.

Commenting on the findings, Jim Hodgkins from CreditExpert said: "The credit crunch is really biting now and it will be painful for people to make the choice between not going on holiday or taking on more debt."

Elsewhere, Savills said economic gloom in the housing market could cause "significant frustration" for people trying to sell property.

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