Energy bills or a half term break? Half of parents blame rising energy costs for being unable to take their kids away this autumn and winter
A recent study conducted by money-saving travel debit card Currensea, sheds light on the attitudes and concerns of British parents towards family holidays.
The research found that one in five British parents say they can no longer afford to take their children on holiday during school breaks at all, with nearly half (47%) of parents planning travel in the next six months stating that rising energy costs mean they can’t consider a holiday in the next few months.
Furthermore, 45% of parents say that fears around the Autumn Budget have made them worried about their finances enough to cancel plans for an autumn or winter holiday.
Yet, when it comes to spending abroad, the research also found that parents are making avoidable mistakes which are increasing the cost of their holidays overall.
More than four in ten (44%) parents admit they still exchange most of their money at the airport for convenience, but will then encounter extortionate service fees. This compares to only 27% of the general population making this costly mistake.
60% of parents say they always feel like they’re being ripped off when they use their debit card abroad, and over half of parents (52%) don’t know how much they are being charged when they withdraw foreign currency using their bank cards.
Additionally, 40% say they don’t think about how they’ll pay for things while they are on holiday until the last minute (versus 31% of the general population), highlighting the importance of planning ahead to increase affordability.
Furthermore, 19% of parents said they believe that taking children out of school during term time is worth the fine they would receive, due to cost savings from travelling outside of school holidays. And in addition to cost-saving benefits, over one fifth (22%) of parents believe that creating childhood memories through holidays is more important than their children missing a few days of school.
James Lynn, CEO of Currensea, commented on the findings: "Families are having to stretch finances further than ever and make tough decisions when it comes to holidays. Even those who were previously comfortable financially are being impacted. So it's not surprising that some are willing to risk fines by taking their children out of school during term time.
“The data shows that busy parents are far more likely to leave exchanging cash until the last minute and therefore get slapped with extortionate fees. In the current economic climate, it's crucial for families to ensure they're getting the best value for money when booking a holiday, including cutting out unnecessary foreign exchange fees, and avoiding costly mistakes like exchanging money at the airport."
Currensea cards remove bank fees from overseas transactions so cardholders can expect to benefit from much lower rates than offered by high street banks. For example, a family of four spending €4,775 on a week-long trip to Spain, could save up to £219.73*. The card can be used everywhere that accepts Mastercard and all purchases are protected by Mastercard Chargeback Protection.
Currensea has recently launched the world’s first hotel debit card with Hilton, so users can earn points while spending to redeem against hotel stays and exclusive experiences, all while saving money on FX fees.
