Brits save spare cash for European holiday

Brits have been setting aside their spare cash over the past year in order to afford a holiday this summer to a European destination with sandy beaches and as few British tourists as possible, according to a new study by Abbey Savings.

62 per cent of us will be jetting off on our holidays after months of saving, while just under a quarter (23 per cent) said that they would be able to pay for their holiday abroad straight out of their monthly salary. A further 15 per cent said they would use their credit card to pay for their holiday.

The Abbey study also reveals that the average Briton plans on spending around £1,650 or approximately 10 per cent of their disposable income on holidaying.

The research shows that the most popular holiday destination this summer is Europe, despite the strong Euro, as more than one in four Brits (26 per cent) plans to head there. Interestingly almost two thirds of us (57 per cent) are interested in finding a location where they are unlikely to encounter other British tourists.

Reza Attar-Zadeh, Director of Savings and Investments at Abbey said: "Putting away £137 each month to pay for the average summer holiday is no small task, but there's nothing more satisfying than saving towards a goal. Abbey is committed to offering customers a variety of great savings options to meet every savers needs.

"Our competitive Fixed Rate Monthly Saver paying 7.25% AER fixed for one year, is no short-term offering, having remained competitive for many years now. Available for deposits of between £20 and £250 a month it could be just the ticket for next years holiday in the sun".

By using our Fixed Rate Monthly Saver to build up the average holiday spend of £1,650; savers would need to put aside £132.36 a month, receiving £61.71 in interest for the term. Giving holidaymakers a helping hand.

The 15 per cent of people who use their credit card to pay for their summer holiday could benefit from switching to Abbey's zero credit card, which offers six months interest free on both purchases and balance transfers.