- 39% of Brits aged 50+ haven't left the country to go on holiday in the past year
- 40% said that money worries are the main barrier for not taking more holidays
LONDON, Aug. 22, 2019 /PRNewswire/ -- Continued turmoil around Brexit over a possible no deal is causing widespread confusion over currency and travel plans, as four in 10 (39%) Brits have not left the country to go on holiday in the past year.
New research from foreign exchange provider International Currency Exchange, (ICE), shows that Brexit is forcing us to reconsider our holiday spending, as four in 10 Brits aged 50 and over (40%) said their biggest limitation to taking more holidays was cost.
Amid money worries, those Brits who are travelling abroad are opting for familiarity with a third of baby-boomers returning to the same destination every year and picking trips that are 'comfortable and familiar' (30%).
Louis Bridger, Head of UK at ICE, said: "Every time there has been added Brexit turbulence, it hasn't been good news for consumers and their travel money. A weaker Pound has meant more expensive holidays for Brits but our advice is 'don't panic'; so long as you're savvy with your spending, you can still get away."
To help ease the financial cost of holidays and make the most of travel money, ICE has launched its new prepaid card, the Clear card, which aims to inspire feelings of freedom and adventure, allowing you to lock in the rate when you top-up which can protect you from any negative shifts in currency.
According to research by KPMG looking at the effects of spending due to Brexit, more than a fifth of British consumers (22%) have avoided 'big ticket' purchases due to Brexit-driven uncertainty, with overseas holiday sales the hardest hit.
Louis Bridger offers advice on steps to minimise costs on your holiday:
- Look outside the Eurozone
Choose a holiday destination with a good exchange rate. Destinations where Brits can enjoy excellent value include Turkey, South Africa, Poland, Romania and Morocco.
- Plan ahead
As a general rule, you'll get a much better rate when you order your travel money online, rather than waiting until you get to the airport.
- Consider a prepaid card
Prepaid cards, like the ICE Clear card, offer competitive exchange rates, and also protect you from being charged transaction fees abroad as you would with your debit or credit card.
SOURCE International Currency Exchange (ICE)