New research has revealed that British tourists overspend by an average of £210.84 while on holiday and spend a third of their budget in the first 24 hours.
In total, UK holiday overspending bills amount to a whopping £1.5 billion, according to a survey conducted by currency card specialist OnePoll.
The research was created by following the spending trends of 2,000 British adults while they were in foreign climes, and the results claim that one in 10 people had to use an ATM to get more cash out on the first day of their holiday, amounting to £166.25 on average.
James Hickman, Managing Director, Caxton FX thinks this overspending is due to a lack of planning before departure: “The solution to our summer holiday spending problem is through simple financial planning.”
Eighteen per cent of people surveyed admitted that their holiday budget could go out of the window when they were drinking.
On average during a two-week break, Brits have spent their entire holiday budget after first five days abroad. Fourteen percent of people said that they felt annoyed when they returned back home, having calculated exactly how much money they’d blown.
OnePoll believes taking a pre-pay card with you on holiday could end these wayward spending habits.