Brits are staying home amid Brexit currency confusion
Continued turmoil around Brexit over a possible no deal is causing widespread confusion over currency and travel plans, as four in 10 (39%) Brits have not left the country to go on holiday in the past year.
New research shows that Brexit is forcing us to reconsider our holiday spending, as four in 10 Brits aged 50 and over (40%) said their biggest limitation to taking more holidays was cost.
Amid money worries, those Brits who are traveling abroad are opting for familiarity with a third of baby-boomers returning to the same destination every year and picking trips that are ‘comfortable and familiar’ (30%).
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According to research by KPMG looking at the effects of spending due to Brexit, more than a fifth of British consumers (22%) have avoided ‘big ticket’ purchases due to Brexit-driven uncertainty, with overseas holiday sales the hardest hit.
Financial experts offer advice on steps to minimize costs on your holiday:
•Look outside the Eurozone
Choose a holiday destination with a good exchange rate. Destinations where Brits can enjoy excellent value include Turkey, South Africa, Poland, Romania and Morocco.
As a general rule, you’ll get a much better rate when you order your travel money online, rather than waiting until you get to the airport.
•Consider a prepaid card
Prepaid cards offer competitive exchange rates, and also protect you from being charged transaction fees abroad as you would with your debit or credit card.