December 6, 2023

CPS

Travel Adventure

Four in five young adults ‘making financial sacrifices to save for holiday’

2 min read

Around four in five young adults who are planning a holiday this year have made financial sacrifices to do so, a survey indicates.

When asked what they had done to save for their holiday, 85% of 26 to 31-year-olds said they had made financial sacrifices, such as cutting down on putting money into savings or socialising or cancelling a gym membership, as had 81% of 18 to 25-year-olds.

This was significantly higher than the general population of holidaymakers, among whom just under two-thirds (64%) had made financial cutbacks in order to have their holiday, according to the research for First Direct.

People aged 26 to 31 were found to be the most likely to be planning a getaway, with 65% saying they had at least one trip booked, as had 63% of 18 to 25-year-olds.

Across all age groups, 47% of people surveyed in June said they were going on holiday this year.

The survey of 2,000 people across the UK was carried out by Censuswide, on behalf of First Direct.

Around seven in 10 (69%) 18 to 25-year-olds and 73% of 26 to 31-year-olds go away with a spending limit in mind, which is a higher proportion than the 60% of holidaymakers overall who do this.

But these age groups were also more likely to struggle to stick to their budget – with 60% of 18 to 25-year-olds and 56% of 26 to 31-year-olds saying they ended up spending more than they could afford when on holiday, against an average of 42% across all age groups.

Chris Pitt, chief executive at First Direct, said: “We know that a lot of people are having to make sacrifices this year in order to go on holiday and younger age groups are making the biggest spending cuts to make sure they get some time in the sun.”

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