As half term approaches, almost half of parents say they won’t be booking a family holiday this season due to rising energy costs and concerns around the upcoming Budget.
According to a study by direct debit travel card company Currensea, 47 per cent of parents said that rising energy costs have halted their travel plans for the next few months.
The survey of 2,000 UK adults planning to travel abroad in the next six months or with school-age children found that financial fears around the autumn Budget next week had also caused 45 per cent of parents to abandon booking an end-of-year holiday.
Around 20 per cent of parents felt term time travel fines were worth the savings from booking outside of the school holidays, with one in five British families saying half-term holidays were now unaffordable.
James Lynn, CEO of Currensea, said: “Families are having to stretch finances further than ever and make tough decisions when it comes to holidays. Even those who were previously comfortable financially are being impacted. So it’s not surprising that some are willing to risk fines by taking their children out of school during term time.”
The British fintech brand said exchanging currency at the airport, overseas ATM charges and using a pre-paid card also see families lose money while travelling.
Over 50 per cent of parents don’t know how much they are being charged when they use their bank cards overseas, according to the research.
“The data shows that busy parents are far more likely to leave exchanging cash until the last minute and therefore get slapped with extortionate fees. In the current economic climate, it’s crucial for families to ensure they’re getting the best value for money when booking a holiday, including cutting out unnecessary foreign exchange fees and avoiding costly mistakes like exchanging money at the airport,” Mr Lynn added.
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