How much are individuals, on average, willing to spend while traveling? A survey reveals that adults are willing to spend more than £2,000 on certain vacation destinations, with only one-third of adults keeping track of their expenditures while on vacation.
42% of adults planning vacations for this year will travel with their parents, according to a survey, as rising living expenses strain family travel budgets.
Over fifty percent of vacationers aged 35 to 44 are planning to travel with their parents, and one in fourteen, or seven percent, are planning to travel with their grandparents.
The study also questioned about travel expenditures and who they would travel with.
More than a quarter, 27%, of parents who are traveling with their adult children said they are covering all or a portion of their travel expenses to assist them during the cost of living crisis.
In March, Starling Bank commissioned a survey that polled more than 2,000 individuals across the United Kingdom.
So, on average, how much do families intend to spend?
Spain, Italy, and France are the most popular vacation locations this year, with families spending £2,671 on vacations.
Where in the United Kingdom will families spend the most on vacations?
The South East of England spends the most at £3,051, according to the poll.
This is followed by families from Yorkshire and the Humber, who are the most likely to travel within the United Kingdom and spend an average of £2,148 per journey.
And last but not least, Welsh households will spend the least on vacations with an average expenditure of $1,865.
The findings also revealed that nearly one-third of adults, or 28%, intend to monitor their spending while on vacation, while nearly one-fifth, or 18%, said they typically overspend.
Helen Bierton, chief banking officer at Starling Bank, stated, “Holidays are becoming a priority once more, and the recent rainy weather will have many individuals wishing for sunnier locations.
“However, family trips can be costly, especially if you’re paying for other people, so being prudent with your spending can help you balance your holiday budget.”
Ms. Bierton also provided advice on how to adhere to a budget while on vacation, including saving as much as possible in advance to avoid using credit cards or overdrafts, keeping track of spending on banking apps, and comparing currency exchange rates.
