PRESS RELEASE: E.Z Pay
Written: Thursday 10th June, 2010
SUM-SEEKERS
The average Brit will shell out more than #350,000 in their lifetime - on foreign holidays, it emerged yesterday (Weds).
Research revealed the typical sun-seeker will pay for their first trip abroad at the age of 17 and will go away twice a year until the age of 78.
The average holiday package costs around #1,100 but other costs such as spending money, food and drink and hidden charges pushes the bill up to #2,981.41.
That's a yearly spend of #5,962.82 - or #366,713.43 over the 61.5 years of the average adult lifetime.
The study of 3,000 adults was conducted by E.Z Pay to launch the Escape Mastercard Prepaid Travel Money Card which will provide travellers with a low cost, secure way of getting the best value for money abroad.
Paul Smith of E.Z. Pay said: ''People often underestimate how much they will need to budget for a holiday abroad.
''The average respondent claims to save for about six months in the lead up to a holiday, but still they get caught out by spending more than they had anticipated when abroad.
''It is easy to budget for things like food and drink, or entertainment, but unexpected charges when withdrawing cash or credit card fees can hit you when you get home, and suddenly you're paying for a holiday long after it has finished.''
The study also showed the average holidaymaker will spend #264.83 before every holiday on things like luggage, clothes, sun tan lotion, snacks and sunglasses.
A further #690.01 will be spent on food and drinks during the average two-week period.
Gifts or random purchases set us back #219.33 per holiday and another #290.05 is spent on entertainment, day trips and evenings out.
Those unable to resist a spot of shopping will spend up to #223.22 when abroad.
Finally, hidden costs such as in-flight meals, excess baggage, exchange rates and check- in charges cost another #213.57 per holiday - or #26,269.11 over a lifetime.
The study also found the majority of holidaymakers accept they will splash out much of their disposable income on their holiday, but most are unable to get their heads around the hidden holiday costs.
More than one in two people said unfavourable exchange rates and bank charges for withdrawing cash abroad leave them badly out of pocket.
Four out of ten said they got 'really cross' when they returned home to the UK to find their mobile phone company had charged them extortionate amounts for using it abroad.
And almost four out of ten said they were surprised to be charged for check in, when they had already paid for their flight and taxes.
But regardless of the money spent, 37 per cent of people always start planning their next break the minute they land in the UK after a holiday.
Paul Smith added: ''With a little planning, many of us can avoid some of the hidden holiday costs.
''We encourage everyone to start budgeting for their next holiday as soon as they've booked it, that way they'll be left with a little extra which can be put towards the next trip.''
Research conducted by global market research company www.onepoll.com
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