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Holiday Payment Flexibility Could Help Many

Author: Damion Clark Published: 20th August 2014 10:27

Flexibility over holiday payments could see more of us taking a breakFlexibility over holiday payments could see more of us taking a break
 
New research shows that one in three of us won’t be taking a holiday this year, with affordability still an issue for many.
 
The figures*, released by Bacs Payment Schemes Limited (Bacs) – the people behind Direct Debit in the UK – show that of the 33 per cent of those not holidaying, the majority (60 per cent) admit to not being able to afford a break in 2014.
 
Given this, it is perhaps no surprise that overall 41 per cent say that the option to spread the outlay by Direct Debit would help make the cost of a holiday more manageable. Almost the same number (39 per cent) also admitted that they would consider paying by Direct Debit if it was offered as a payment option.
 
As well as affordability issues, 13 per cent claim they would rather spend the money on something else and 10 per cent would prefer to save the cash instead. Despite the improving financial outlook, six per cent say that uncertainty over the economy or a job has stopped them taking a holiday in 2014 and, interestingly, three per cent opted to remain at home to watch the World Cup.
 
However, for those of us packing our bags the research indicates that we won’t be holding back when it comes to splashing out on our much-needed break. Nearly one in three (31 per cent) admit to spending over £1000 per person on travel and accommodation, with the average outlay coming in at a whopping £1038.
 
Bacs’ Mike Hutchinson said: “What our research shows is that one in three of us won’t be taking a holiday this year and, while there are a range of reasons for this, well over half admit that affordability is the main issue, with a number still uncertain about the immediate financial outlook.
 
“Against that backdrop it is perhaps no surprise that so many of those surveyed think that paying by Direct Debit would not only make the cost of a holiday more manageable, but would consider paying this way if it was an option.”
 
*Research was part of Bacs’ Family FinanceTracker, which analyses the spending habits of British adults.

 

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