How much should you be saving for your summer holiday this year?

This Morning: Simon Calder discusses summer holidays

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Financial tech company Revolut have shown just how keen Britons are to go away. In a study, they found that despite travel restrictions, 72 percent of Britons are still willing to travel abroad and avoid another ‘staycation’ this year.

However, after a financially turbulent eighteen months, how much should we be putting aside for these holidays?

It goes without saying that travel at the moment is extremely limited, especially abroad, but that simply won’t bare people from travelling when and where it is allowed.

Revolut’s study found that a meagre six percent of Briton’s have no plans to travel abroad.

The need to get away from home – further away than the local Asda at least – is insatiable for some who plan on fleeing to green listed countries as soon as the opportunities allow.

Alongside this, the study found that 49 percent of Britons were willing to travel to countries without good healthcare systems in place.

Many will be using this opportunity to spend the savings they accumulated during lockdown, and as regulations ease there is a tangible ‘urge to splurge’ these amounts.

For those who are planning a holiday abroad, budgeting for expenses has to rely on 2019 statistics, despite the fact that severe economic changes have occurred worldwide, as this was the last time normal holiday travel occurred.

Not only does this mean prices might be slightly elevated currently, but new expenses must also be taken into account.

Revolut found that users travelling abroad in 2019 spent on average:

£690 on accommodation.

£149 on flights.

£950 on expenses whilst abroad.

It’s important to note that when budgeting for a holiday currently, extra expenses such as Covid-19 tests to fly and possible quarantine accommodation if needed.

Another new necessity when travelling is research to learn the rules and regulations of the country you are travelling to.

It’s important to give this aspect a lot of time to look into and match with your planned itinerary.

For example, if you are travelling abroad for the purpose of going to view landmarks or interesting areas, ensure that those areas and places are currently open to the public as some may be closed due to restrictions.

In the time between when these statistics were taken and the present, user preferences have also changed regarding where they stay and what they’d like to do on holiday.

48 percent of those surveyed said they want to stay in a hotel that follows Covid safety requirements.

Aside from that, 24 percent were planning to stay somewhere self-contained, like a private apartment or villa.

Revolut created this study as part of their new feature: Stays.

Stays helps to find regulation-friendly bookings for holidaymakers and helps provide them with 10 percent cashback on bookings made through the feature.
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