More families take holidays abroad
The number of British families planning to head abroad this summer has gone up, a new study has found.
According to Abbey Credit Cards, one in four families intend to take a break overseas this summer, up from one in five last year.
This is despite the fact that many are facing financial constraints as a result of the credit crunch and rising inflation in the UK.
However, research showed that instead of forcing them to give up their holiday altogether, this has instead encouraged people to be more frugal while overseas.
Figures show that people spent an average of £1,116 on a foreign holiday last year, whereas this year the figure is likely to be about £493.
Callum Gibson, head of Abbey Credit Cards, commented: "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."
Earlier this week, research by Marks & Spencer Travel Money found that 69% of people get their foreign tender before travelling abroad.
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