Mark founded MoneyMaxim in 2008, with the aim of delivering an impartial and independent service. Mark is a regular money saving expert in the press and writes regular news and articles for the MoneyMaxim news pages sharing his views on banking, personal insurance and the utilities (gas, electricity, mobile and home phones, broadband and pay TV) market with customers.
New research shows that British holidaymakers hope to cut back on the money they pay for their holidays, spending an average of £765 this year.
Although Brits are expected to spend up to £22.1 billion on holidays in 2012, new figures published by Sainsbury's Travel Insurance reveal that almost eight in ten Brits (78%) will cut back on 2012 holiday costs.
Figures from the survey show that more than two fifths (43%) of people said that they will spend their holiday in the UK this year in order to save money.
Four out of ten (39%) of those national holidaymakers reveal they will stay in a hotel, 36% would take a self-catering holiday, 28% intend staying with family and friends, a further 28% will plan a camping or caravanning holiday and 14% would like to take a driving holiday specifically.
Nevertheless, data shows that 45% of Brits are planning to travel abroad. Of those, 17% will be accommodated in a hotel, 13% plan to stay with family and friends abroad, 12% said they will book a self-catering break and one in ten (10%) will look at all-inclusive holidays.
On top of this, further figures from the survey reveal that a majority of Brits are looking to booktheir holiday break later in the year.
Only 6.8% of Brits have planned their break at the end of February – while more than two out of ten Brits (23%) plan to book holidays between March and June, and a further 10% plan to book theirs between July and September.
"It appears that more people will delay booking their holiday this year, presumably hoping to secure a better deal and the majority of us are aiming to reduce our spending money too,” said David Barrett, Sainsbury's Travel Insurance Manager.
Comparing travel insurance can also be a great way to help British holidaymakers save money on holidays this year.