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As pressure mounts on European governments to solve the Grexit crisis, cautious holidaymakers are taking steps to ensure that their summer holidays go without a hitch. The latest survey findings from leading travel insurer Holidaysafe.co.uk show that one in five (21%) people could potentially see their summer holidays literally heading in a different direction as they consider changing destination if the Eurozone crisis worsens over the coming months.
Currency is also a big issue for travellers heading to Europe this summer, with the Foreign and Commonwealth Office (FCO) advising travellers heading to Greece to take “enough money to cover emergencies and any unexpected delays”. Holidaysafe’s findings revealed that, on average, travellers carry £400 worth of cash with them on holiday. Holidaymakers have become wary of Europe’s economic climate, with over 61% of respondents stating that warnings about Greece potentially exiting the Euro have inspired them to carry more cash while on holiday. Although Euros are the currency most often carried when going to Europe with many respondents stating that they carry in excess of £2,000 worth of Euros, it seems that Sterling is often taken abroad as well – one respondent stated that they would be taking €2000 and £1000 in cash with them on holiday this summer.
The vast majority, however, choose to use credit cards either as a primary or secondary way to pay for their holiday, with 80% of respondents stating that they preferred the security of using them going on holiday. This is unsurprising given that they offer protection for large transactions and are more secure than carrying large amount of cash.
The survey also found that while holidaymakers were keen to make sure they would have access to money via cash or credit cards, over a quarter (29%) of respondents admitted to not checking the cash limits of their travel insurance policy, meaning that they could potentially find themselves out of pocket if they take more than their limit with them and need to make a claim for lost cash.
While Travellers Cheques may seem like a distant memory, 28% of holidaymakers take travel money when going abroad in the form of currency cards, which allow you to purchase currency to be loaded onto a pre-paid card that is usable in the same way as a credit card.
Amber Howard, brand manager of Holidaysafe.co.uk, said: “When setting off for the summer holidays most people want to spend their time enjoying themselves and leaving their worries behind. We understand that there may be some concerns particularly about travelling to Greece, as well as the rest of the Eurozone and we would advise holidaymakers to follow the FCO’s advice and take cash with them in case they need to pay for emergencies or delays.
“Holidaysafe.co.uk advises that you check the limits on your travel insurance policy to see how much cash is covered and also make sure you store it securely in a locked safe or keep it on your person. If you are planning on taking large amounts of cash you may need to consider taking out a travel insurance policy with a higher level of cover for cash.”
*Research conducted by Holidaysafe.co.uk surveyed 6,084 customers of which 547 consumers responded.
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