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Britons worried that holidays will affect their savings
24 July 2008
British travellers are scrapping their holiday plans this year due to the current economic climate, according to a new study.
Research by CreditExpert.co.uk revealed that 43 per cent of consumers are concerned about how the economy will affect their savings and this has forced 24 per cent of British adults to cancel their holiday plans.
Jim Hodgkins, managing director of CreditExpert.co.uk, 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 to do so."
Younger people are resorting to travelling with their relatives in order to afford a vacation as 37 per cent of 18 to 24-year-olds admit they will go on a family holiday.
"Due to the recent increases in the cost of living, we are seeing more people keeping a closer eye on their credit commitments," said Mr Hodgkins.
Figures from the UK Tourism Survey 2007 found that 76.8 million domestic holidays were taken in 2007.
