Sun, sea and financial stress - welcome to the typical British holiday.

New research from Direct Debit reveals forgetful UK holidaymakers amass more than £115 million (1) in late payment fines and interest charges while enjoying themselves in sunnier climes.

Of those holidaymakers who return home to discover overdue payments, close to a quarter (24%) experience charges for overdue utility or council tax bills. More than a fifth (22%) of these jet-setters also incur extra interest charges on late credit card payments.

But late payment fines aren’t the only monetary headache waiting for returning tourists - as work worries fade, so too do purse-string constraints with Brits collectively overspending on holiday by more than £653 (2) million.

Michael Chambers, from Bacs, said: "Financial woes often hit us doubly hard when returning from holidays. Not only have we forgotten to pay bills while we’re away, but over a quarter (26%) of us overspend."

"Direct Debit can reduce the burden of unpaid bills by ensuring household bills are paid on time, allowing us to relax more on holiday."

Half (51%) of Brits who overspend on holiday make the most of their holiday, regardless or not of whether they can afford it, concerned only about having fun in the sun.

Paying bills by Direct Debit can provide peace of mind - even when you are away important bills are paid.

For more information about Bacs and our services visit Bacs key facts.

Contact Bacs press office.

Notes
(1) From the survey it has been discovered that 7.3% of respondents return from holidays to experience fine or interest or extra charges because they've forgotten to pay bills whilst on holiday. 7.3% of the adult population = 2,957,770. The survey also found that the average fine incurred by British holidaymakers is £39. Therefore the total amount of money incurred by the nation in fine or interest or extra charges is (£39 x 2,957,770 = £115,353,030M)
(2) The survey undertaken confirms that 26% of holidaymakers (i.e. equivalent to 10,534,524 British adults) admit to overspending on vacation. Further research found that the average Brit overspends by £62 on holiday. As a nation this equates to £653,140,488 (i.e. 10,534,524 x £62).

The research
Fieldwork conducted between 28 July - 1 August, 2004 by RSGB Taylor Nelson Sofres. The survey provides 2000 completed face-to-face interviews investigating how UK holiday-makers manage domestic finances and spending during and post going on holiday. The data is weighted to be representative of the GB working population.

Back to 2004 press releases             Back to press releases