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Parents 'Reduce' Summer Holiday Budgets

(17 Jul 2008)

Going on holiday? – Get a great deal on travel insurance

British parents are feeling the impact of the credit crunch and plan to significantly reduce their holiday budgets this summer, according to a new poll.

A survey carried out by Abbey revealed that the average family planned to slash their summer spending by £173, down from £749 in 2007, to just £576 this summer.

While the study revealed that more people were planning foreign holidays – a quarter of families this year compared to 19 per cent last year – they intended to spend considerably less.

Commenting on the results of the survey, Callum Gibson, head of Abbey credit cards, said: "With rising inflation it is remarkable to see an overall cost drop like this, but it just shows how British parents are feeling the pinch.

"One thing that has seen a drop-off is the amount people plan to spend on their holiday abroad. With a budget of less than half last year's amount."

The survey also suggested that parents planned to reduce their spending on sports equipment, entertainment and childcare this summer.

Research carried out fitness group David Lloyd revealed that 75 per cent of parents are concerned about the cost of summer holidays, while 25 per cent claim they have problems keeping children occupied.

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