Sun, sea and summer saviour for young travellers

The AA is encouraging young holidaymakers to keep their spending money safe as research from AA Financial Services reveals that more than half of 18-24 year olds (60%) who are going away intend to take all of their cash in local currency – the most likely age group to do so.
 
In comparison, just 26% of over 65s say they’ll take all their spending money in cash.
 
Though handy, taking only local currency can be risky as there’s little protection if it’s lost or stolen. Although loss of cash may be covered by travel insurance it won’t overcome the immediate loss while away.
 
Mark Huggins, Managing Director of AA Financial Services advises against carrying all holiday money in local currency: “It’s handy to take some local currency with you but it’s risky to take all of your spending money in cash.
 
“If you lose your cash, that’s it – it’s gone. Taking travellers’ cheques or a prepaid travel card, for instance, offer much more security when travelling abroad.”
 
He points out though, that users of travellers’ cheques may have to rely on bank opening times while a prepaid travel card can be used at ATMs or retailers at any time.
 
Mr Huggins also says that younger people who may not find that budgeting comes naturally could benefit from a travel currency card: “Prepaid cards are usually linked to a bank account and often allow transfers to the prepaid card. That can be done as and when it’s needed to help prevent overspending.
 
“Parents could also top up the linked account from home if their child spends all their money. Though hopefully it’s not a facility they’d need to use.
 
“If you’re unlucky enough to lose a travel currency card you should let the provider know straight away. AA Travel Currency Card holders can have more than one card – that means that if one is stolen you can immediately stop that card, thus protecting your money; and continue using the spare.”
 
The AA Travel Currency Card allows cardholders to temporarily block their card by text, if, for instance, they leave their bag by the pool when going for a swim or keep it in a shared hotel room.
 
Though still growing in popularity, travel currency cards are most likely to be used by 18-24 year olds. Mr Huggins puts this down to the ease with which cardholders can access their account online via smart phones. He comments: “The fact that travel currency cards can be looked after online and by text message is undoubtedly one of the reasons they’re most popular with younger holidaymakers.”