Press release -
Brits Reveal Holiday Spending Disasters and the Simple Fix to Avoid Them
- Brits worst spending disasters include splashing out £30 on a glass of Coca-Cola in Rome and £80 on a T-shirt they thought was £10
- In fact, nearly 40 per cent try to guess exchange rates in their heads, leading to budgeting slip-ups and highlighting currency confusion
- Post Office Travel Money Card offers travellers a simple way to track spending and convert currency to avoid any future confusion
Brits have revealed some of the most expensive things they've bought by accident - in another country.
A poll of 2,000 travellers found one had mistakenly stumped up £30 for a single glass of Coca-Cola in Rome, while another bought a T-shirt for £80 that they thought was £10. In fact, almost a third (30 per cent) felt they have often paid more for something on holiday because they were a tourist.
Other shocking expenses accidentally incurred by respondents included a single shot of whiskey ending up at £48. While someone forked out £25 for a taxi ride in Amsterdam – only to find themselves arriving at their destination after less than a mile.
It’s clear that confusion around currency conversions is making it hard for Brits to accurately gauge their holiday spending.
The research showed travellers often suffer with currency confusion, as a fifth (21 per cent) admitted to getting confused about how much money is worth 'in pounds' when they go away - leading to a quarter (26 per cent) of holiday goers paying more than expected for something. Six in 10 correctly knew £5 sterling would get them between $6-$7 in the US, the remaining 40 per cent were clueless, with a quarter (24 per cent) of them guessing they’d get less than $6.
Probably the most common conversion for Brits – euros – also confused respondents, with almost a third (32 per cent) not knowing what £5 would get them. Instead of the correct answer of €5-€6, 17 per cent thought it would be less than €5 and 13 per cent thought it would be as high as €8.
With nearly four in 10 (39 per cent) attempting to work out local currency rates in their own heads, it’s no wonder Brits sometimes get it wrong. While just over one in 20 (six per cent) will ask somebody nearby and then take their word for it, according to the OnePoll.com figures.
Laura Plunkett, Head of Travel Money at Post Office, which commissioned the research to raise awareness of its Travel Money Card said: “Our research reveals many travellers overestimate their ability to mentally convert currencies on the go, and that can lead to overspending. We wanted to highlight how easily confusion around exchange rates can impact holiday budgets - no one wants to waste time abroad worrying about money. It’s surprising that only 19 per cent of travellers use a prepaid travel card, such as our Travel Money Card, for their spending abroad when it can allow travellers to lock in a good rate before travelling. The Post Office Travel App also allows you to check exchange rates and track spending in real time too, allowing holidaymakers to relax knowing their holiday finances are under control.”
Thankfully, 17 per cent rely on currency conversion apps - like the Post Office Travel App when topping up their Travel Money Card - to stop them accidentally spending a fortune on a holiday keepsake.
Reassuringly, when it comes to money safety, Brits are taking measures to keep their money more secure while travelling. 49 per cent use a separate card not linked to their main bank account for spending abroad – keeping their ‘main funds’ safe from fraudsters or thieves.
Laura Plunkett added: “Nothing disrupts a holiday like a financial mishap. Keeping your travel money separate from your main account is a smart move to give you greater control, clearer visibility of what you’re spending, and an extra layer of protection – and something 96 per cent of respondents agreed was important. Whether you’re budgeting carefully or just want to avoid mixing travel purchases with everyday costs, this small step can make a big difference to your trip.”
To find out more, visit http://www.postoffice.co.uk/travel-money/card
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- With over 11,500 branches, Post Office has the biggest retail network in the UK, with more branches than all the banks and building societies combined.
- Post Office is helping anyone who wants cash to get it whichever way is most convenient. Partnership with over 30 banks, building societies and credit unions means that 99% of UK bank customers can access their accounts at their Post Office.
- Cash withdrawals, deposits and balance enquiries can be made securely and conveniently over the counter at any Post Office; and the biggest investment by any organisation or company in the last decade is being made to safeguard 1,400 free-to-use ATMs across the UK.
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