Saving for a sunny day

Summer is on its way out; as the weather forecast continues to predict rain, new research from Halifax reveals that Brits are saving for a sunny day. The research shows that almost three quarters of Brits (72%) were intending to use their savings to pay for this year's summer holiday.

Holidaying at home

This year almost half of the Brits surveyed (49%) are opting to holiday at home. Residents in Anglia are most likely to staycate in the UK (80%) whilst those in Northern Ireland are most likely to opt for a European trip (60%).

More than half (53%) of those aged 16-24 are heading somewhere in Europe whilst two fifths (42%) of those aged 45-54 are still heading further afield venturing outside Europe.

Holiday spends

The majority of Brits (44%) are likely to spend between £200 - £500 per person on their summer holiday, with further third (28%) spending £500 - £1000 and a sixth (15%) shelling out over £1000 per person.

Almost a quarter of residents in the North West will take advantage of budget holidays opting to spend less than £200 per person whilst a quarter of those in the North (23%) will splash out more than £1000.

Although it seems Brits are reluctant to go without their summer sun, two fifths (43%) are reducing the amount they spend on holidays this year.

Holiday saves

With Brits getting savings savvy this summer, nearly three quarters (72%) are using their savings to pay for their holiday. This figure rises to almost nine in ten (87%) in Wales. Half (54%) are also using funds from their monthly income and less than third (27%) intend to use their credit cards whilst a tenth (10%) are lucky enough to have their holiday paid for by someone else.

Most sunny savers (83%) have opted to squirrel a little away each month towards their holiday with a third (31%) adding lump sums when possible. Four fifths (82%) also expect these savings to cover additional spending whilst they are away.

Holiday savings habits

Whilst less than half (44%) say they normally save for their annual holiday, this year saw four fifths of Brits (84%) maintaining holiday savings habit to ensure some time away. Just over half said it gives them something to aim towards (51%) whilst also ensuring they don't have to worry about their finances whilst they are away (49%). A third (31%) were using their savings to fund a special trip.

Looking towards summer 2010, half (51%) are already intending to save for next years holiday.

Flavia Palacios Umama, Head of Halifax Savings Products said: 'It is great to see that so many people are saving towards their annual holiday which should give them a real sense of achievement on a well deserved vacation. This leaves them free to enjoy the sunshine and not worry about a financial holiday hangover when they get home'.