A lack of financial planning could see Irish holidaymakers get badly burnt this summer – with a quarter coming back from their hols in debt.
According to price comparison website Switcher.ie almost half of Irish people find their holiday spending always goes out of control.
Despite this, less than 40% will set a holiday budget and stick to it, while over half admit to being unsure about things like charges for overseas ATM withdrawals and transactions.
More than half of consumers expect to spend between €250 and €1,000 on food and drink while they’re away, with a third spending that amount on shopping.
Eoin Clarke, managing director of Switcher.ie, said: “That cheap break in the sun could end up costing holidaymakers more than they bargained for, simply because they’re not budgeting or planning how best to manage their money while away.
“When it comes to holiday spending, it can be tempting to forego the budget and throw caution to the wind, but this can lead to a financial headache that will last much longer than your tan.
“The last thing anyone wants is to come home from holidays in debt, so take some time before you go to plan out a daily budget for when you’re away – including expenses like food and drink, tours and other activities.”
A third of people surveyed by Switcher said holidaying abroad is the same price or cheaper than staying in Ireland and the same amount said the cost of food and drink offers better value than at home.
Mr Clarke added: “If you’re travelling outside the Eurozone, it’s also important to find out about charges for using ATMs and using your debit and credit cards in shops or restaurants.
“These charges can quickly add up, so we would urge holidaymakers to ‘know before you go’, especially if you’re travelling outside the Eurozone, where these bank fees will be even steeper.”
Research was carried out for Switcher.ie by iReach Insights, involving 1,001 online interviews with Irish adults over 18.