Loans, credit cards and rainy day savings were a passport to summer holidays for the majority (54 per cent) of people in Ireland this year, according to a survey by lastminute.com. 40 per cent of the Irish holidaymakers surveyed relied on loans or credit cards to pay for this year’s getaway, with another 14 per cent dipping into their emergency savings.
Of those borrowing money, half used a bank or building society and half went as far as asking family and friends for cash. Plastic was the preferred payment option for 14 per cent, who put their holidays on a credit card to be paid-off over time. A savvier 16 per cent put it on their credit card with a view to clearing it the following month. Surprisingly, older people were found to be more reliant on using their credit card for holidays with 39 per cent choosing this method compared to 19 per centof young people and 29 per cent of the middle-aged. A spontaneous 19 per cent were able to fund their holiday with their most recent paycheck, with females and young people doing this more than males and older people.
Females were slightly better at saving for holidays than men with 28 per cent doing this, versus 24 per cent of males.
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Commenting on the survey Mark Maddock, Managing Director of lastminute.com UK and Ireland said "ther is huge value in the holidays market right now."
"But it makes sense to choose one at a cost which avoids a financial hangover. A top tip is to book outside of peak season whenever possible," he said.