The majority (55%) of UK families would still go on holiday even when a change in financial circumstance means they could no longer afford to
UK FAMILIES would worsen their financial health rather than forgo the traditional holiday even if it meant drawing on savings, cashing in investments or incurring penalty charges from long-term saving product agreements.
As part of the Money Never Sleeps report, Apples for Oranges surveyed UK adults aged 25-54 who work full-time and found as a nation, Britain is led by the heart and not the brain when making financial decisions.
When asked to imagine a situation where a change in financial circumstances meant they could no longer afford their planned holiday, over half (55%) of Brits said that they would still go on the holiday.
In fact, 34% would draw down on savings they had worked hard to accrue and more than 1 in 5 (21%) would worsen their financial health by cashing in investments and therefore incurring a penalty for doing so.
14% of Brits would even increase their borrowing and in effect increase the overall cost of their holiday.