A growing number of UK travellers are showing a preference for shorter vacations, as the continuing downward spiral that is affecting world economies has an impact on the personal finances of holidaymakers.
A review of personal finance decisions, conducted by UK based financial institution, First Direct Bank, has revealed that seven out of ten British citizens are accepting trade-offs to get more value for money from their daily lifestyle decisions.
Around 35 percent of respondents to a study have cited a decline in household finances that is forcing them to make smarter financial decisions to gain the maximum from their hard earned income.
The report suggests that the top five most common trade-offs for the British consumer are:
Travelling at off-peak times to get cheaper tickets (39 percent)
Buying food that is on offer in the supermarket to be able to afford other treats (34 percent)
Cutting back on spending now to have more money in the future (30 percent)
Walking to a destination, as it is more eco-friendly, even though it takes longer (30 percent)
Having a shorter holiday but staying at a better resort (25 percent)
Karen Pine, the professor of psychology at the University of Hertfordshire, said, ‘Millions of years of evolution have hard-wired our brains for offset thinking. Our primitive ancestors survived by making trade-offs – always reallocating resources to get the best from them. Modern decisions are different of course but people continue to engage in this type of thinking, whether it’s for food, holidays or travel, and will offset to get the best deal they can.
So it’s not surprising that many people see the sense in offsetting and use it as a way of really making their money go further. The financially astute person uses their brain and regularly monitors their financial situation, and by offsetting they make the most of their money too.’