Brits taking half-term holidays after wash-out summer may find paying bills a real dampener

One in ten jet off on the next holiday before paying for the lastOne in four took a year to pay off their last main holiday

As October half term approaches, this year's wash-out summer may mean that more families than ever are planning to grab a week in the sun.

But research from Alliance and Leicester Savings* reveals 4.2 million Britons1 could be reaching for the brochures without having paid for their previous jaunt.

More than one in five (22 per cent) spent as long as a year paying off their last main holiday - and nearly 900,0002 (2 per cent) still haven't paid the final bill.

Britain is now home to millions of 'serial holiday makers' - the Alliance and Leicester holiday report found that more than one in ten people (11 per cent) take an indulgent five or more holidays per year, including weekends away.

Older travellers, those over 55, are most likely to treat themselves to over five breaks per year (13 per cent).

Yet the nation isn't necessarily concerned about how these trips are going to be funded: 44 per cent of people - 19.4 million3 - do not save the full amount needed to go on their holiday, but jet off anyway.

Ross Dalzell, Manager for Savings at Alliance and Leicester said: "It's becoming increasingly common for Britons to take at least two or three trips a year.

With the terrible weather we have had this summer it is possible that many more of us will be tempted to escape to the sunshine this October half term." As well as admitting to not saving up before going on holiday, the research from Alliance and Leicester Savings also revealed a tendency for overspending among Britons once on holiday.

More than a quarter of people surveyed (27 per cent) admitted to spending more than they intended to on their last holiday with a massive 1 million4 (9% of those who overspent) confessing to blowing the budget by more than £500 - and some by as much as £1,000.

While a bit of overspending is par for the course, worryingly, Alliance and Leicester found that a fifth (21%) of those who decide to go all out, put the extra cash on a credit card, which they admitted to having no way of paying off straightaway.

Another fifth (20%) said they had to put off purchases and really budget once they got back home.

Dalzell Continues: "It's understandable that many of us will want to erase the damp squib of a summer from our minds by treating ourselves and making the most of our time away, however, many holidaymakers run the risk of letting their holiday dreams turn into a potential financial nightmare.

"So much time and effort is put into booking and planning our holidays, it's important that the same attention is given to considering how to fund them.

Setting up a holiday fund and putting by what you can afford each month is the best way to ensure that you're not still paying for your holiday fun long after your tan has faded." Alliance and Leicester offers a range of competitive savings accounts, for further information, go online at www.alliance-leicester.co.uk, visit a local Alliance and Leicester branch or call 08000 68 66 99 to book an appointment.

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