We’re not all going on a summer holiday – London Business News | Londonlovesbusiness.com

42% of the UK public can’t afford to head off on holiday this summer, while 40% of those who can will be opting for a staycation in order to keep costs down.

That’s according to a survey commissioned by finance expert, RIFT, which highlights how the high cost of living is still impacting many households, particularly when it comes to non-essential spending.

The survey found that 42% of those surveyed can’t afford a summer holiday this year.

Of those who can, 40% stated they will opt for a staycation in order to keep costs down, while 39% also said they will be opting for cheaper accommodation than usual to help curb holiday costs,

41% have had to save more than usual in order to afford a summer getaway, with 45% having to also put more thought into saving with respect to their holiday spending money.

Furthermore, 46% will be spending less in general while on holiday due to financial constraints.

When asked how they will cut back on costs to save money while on holiday, eating out and retail purchases topped the table.

Excursions and evening entertainment also ranked high, as did drinking alcohol.

Bradley Post, MD of RIFT, said, “As a nation, we love a summer holiday and for many of us it’s the one time of year we look forward to.

Unfortunately for a large proportion, the ongoing high cost of living has put a hold on any plans of a summer getaway and many more are having to cut back on costs in order to make it happen.

While it’s probably too late to save money by pre-planning a getaway, you may find that it pays to be impulsive by opting for a last minute trip which could dramatically reduce travel costs.

Of course, you may need to think a little outside the box and opt for a less popular destination, fly at less convenient times and be more sensible when it comes to how often you eat out, how much you drink and what mementos you bring back.”