%VIRTUAL-SkimlinksPromo%Turns out young people in the UK are not very skilled in the art of budgeting for a holiday.
That's according to new research from Access Prepaid Worldwide, which reveals that 38% of young people in the UK spent £175 more than they intended to on their last holiday abroad, despite taking an average of £297 in holiday money away with them.
The prepaid card provider also found that men not only took more cash with them than women (£304 versus £292), but they also overspent by more too.
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Which area is most likely to overspend on holiday
When asked if they spent more than they had budgeted for on their last holiday, respondents from the North East proved to be the worst at budgeting with 60% of young people admitting to spending more than planned.
So what makes us overspend?
According to the report, the most common reasons for overspending were eating out (34%), followed by shopping (31%), alcohol (25%), excursions (24%) and presents (20%).
Among young travellers, the biggest concerns regarding travel money and spending whilst on holiday are running out of money (30%), spending more than they intended to (25%) or having their card / cash stolen (24%).
Thinking back to their last holiday, 34% of young people surveyed put money into a savings account to help plan for their upcoming trip. This was the most popular method of saving, followed by putting cash aside which a fifth of respondents did. 18% used a credit card for some or all of their holiday spending money, with men more likely to rely on plastic than women (23% vs. 14%).
69% of respondents admitted to having foreign currency left over at the end of their last trip.
This is a very common problem. A study by VoucherCodesPro.co.uk revealed that Britons have more than £550 million worth of un-exchanged currency lying around their homes. According to a poll, the average Briton has the equivalent of £27.13 in foreign currency lying around their home, this means that as much as £551,715,680 worth of foreign currency is lying around unused throughout the UK.
34% of respondents said they are saving their leftover currency for their next trip.
The research found that, for the younger generation, the most common form of money to take on holiday is cash, with three quarters (76%) citing this as their usual choice for spending money. A third (33%) take a debit card while nearly a quarter (23%) rely on credit cards.
For more tips on how you can cut the cost of your holiday read How to save money on your summer holiday.