Younger travellers admit to holiday overspending

New research from Mintel has revealed that over a quarter of holidaymakers aged 16 to 24 agree that they always spend more than they intend to while on holiday.

To help make foreign currency go further, Post Office Travel Money advises all holidaymakers regardless of age to research their holiday money options before they travel to get the best deal on their foreign exchange. Due to the commission fees and less favourable rates of exchange associated with purchasing travel money at airport bureaux de change, Post Office Travel Money suggests that anyone preparing to travel abroad buys their foreign currency before leaving for the airport.

The Post Office’s Holiday Costs Barometer, which researches typical prices for holiday spending in UK holiday hotspots, has shown that prices have plunged recently in top eurozone destinations, as much as 42 per cent year on year. This may help cash-conscious UK tourists holidaying in Europe to keep tabs on their travel money, however it is also advisable for travellers to set a daily budget in advance to avoid splurging their holiday cash.

Post Office Travel Money is also reminding travellers that using debit and credit cards to withdraw foreign currency from ATMs to top up their travel money while abroad could prove costly. Due to fees charged for overseas withdrawals, getting foreign currency from cash machines abroad could leave holidaymakers out of pocket.