Half of people are planning to cut the cost of their holidays or do without trips altogether this year, a survey has found.
Just over a third (34%) of holidaymakers plan to take steps to make their breaks less expensive, while a further 16% will go without taking holidays altogether, according to insurer Aviva.
Among those who plan to save money on their travels, the most common tactics are taking UK-based breaks rather than going abroad (28%) and travelling out of peak season (26%).
Others plan to shorten the duration of their holidays (25%), eat away from tourist attractions (13%) and find a lesser-known destination (13%).
It's concerning to see that a small number of people would think about not taking out travel cover as unfortunately the unexpected can and does happen— Kelly Whittington, Aviva
A fifth (20%) of those planning to save money said they would book well in advance to get a good deal while the same proportion (20%) said they would wait for last-minute deals and offers.
One in five (20%) looking to cut holiday plan to set a spending limit for their getaway.
One in 14 (7%) money-saving holidaymakers plan to cut costs by not taking out travel insurance.
However, this could leave them at risk of thousands of pounds’ worth of bills if something goes wrong.
Travel insurance can also act as a financial safety net if someone ends up being unable to go on a holiday they have booked.
Terms and conditions of policies vary, so it is important to check the small print.
Kelly Whittington, speciality claims director at Aviva UK, said: “Holidaymakers have some really good ideas on how to save, from setting themselves a spending limit, to looking for last-minute deals.
“However, it’s concerning to see that a small number of people would think about not taking out travel cover as unfortunately the unexpected can and does happen.
“This can mean anything from requiring medical treatment overseas, to lost luggage, to a stolen passport while abroad.
“As a result, holidaymakers could face unforeseen costs of hundreds, thousands of pounds – even five or six-figure sums in some instances – particularly where medical bills are concerned.
“We’d also urge people to take out travel insurance as soon as they book their break in case an unforeseen incident means they need to cancel.
“The vast majority of holidays go without a hitch, but travel insurance can provide valuable peace of mind, just in case.”
More than of 4,000 people were surveyed across the UK by Censuswide in January 2023, for Aviva.
There are many travel insurers to choose from and it's important to make sure you buy the policy that most suits your needs— Association of British Insurers spokesperson
Holiday bookings website Airbnb and online safety experts Get Safe Online recently urged people looking to cut their costs to watch out for holiday scams.
Holiday fraudsters can lure people into paying by bank transfer using fake but convincing holiday adverts as well as via bogus websites and phone calls.
People may also want to check whether the company involved is a member of trade association Abta (Association of British Travel Agents).
Holidaymakers taking flights should check coverage under the Atol (Air Travel Organisers Licence) financial protection scheme.
A spokesperson for the Association of British Insurers (ABI) said: “Travel insurance provides vital protection and peace of mind when holidaying abroad.
“We understand the pressures that the cost of living is placing on many UK households but travelling without insurance can be a false economy and runs the risk of facing what can be eye-wateringly expensive costs should you need emergency medical treatment overseas.
“There are many travel insurers to choose from and it’s important to make sure you buy the policy that most suits your needs. It is really important to answer all questions, especially on any pre-existing medical conditions, fully and honestly to ensure your cover is valid.”
