Sun, sea and spend

New research reveals that Britons become a nation of fritterers when they arrive on foreign shores. Despite many feeling the financial pinch at home, almost one in three (30%) will fritter away left over foreign currency whilst abroad, buying items they don't need, simply so that they do not have to convert their money back to Sterling.

Overall, 83% of Britons do not plan a budget to stick to whilst on their holiday. One in ten (10%) ‘waste' money at the airport just to get rid of it rather than converting it when they get home and one in five (20%) go over budget buying duty free.

Interested in understanding Britons spending habits abroad, American Express Travellers Cheques asked over 2,000 adults how their spending habits change when they are on holiday.

Spending for the sake of it: One in five (20%) admitted that they will spend all their cash in a foreign country just to avoid having to convert it back to Sterling.

Time consuming spending: One in four (25%) will go backwards and forwards withdrawing small amounts of cash several times whilst on holiday.

Blow the Budget: Perhaps due to the highs you can get on holiday, instead of carefully managing their spending, 45% of us will blow the budget on holiday if we see something we want. Just 17% of holidaymakers say they will keep a tight budget whilst abroad.

Travellers Cheques users are best Money Managers: Travellers Cheques users are most likely to keep to a tight budget whilst on holiday (18%) and least likely to blow the budget by treating themselves (47%), whereas those who spend on a debit card are the most likely to plan a budget (13%) and the most likely to treat themselves (52%).

Kirstie Bayley, Vice President, American Express Travellers Cheques concludes: "The last thing people want to do when they go on holiday is worry about money and this summer's trend should be about being savvy with your money. Travellers Cheques never expire and can be used in multiple countries so there is no need to spend them unnecessarily - a better way of managing your travel money".