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ONE IN FIVE CANCEL SUMMER HOLIDAYS BECAUSE OF CREDIT CRUNCH

One in five Brits have cancelled their plans to go on holiday (20%) as the credit crunch bites harder, according to research from Savebuckets.com.

Following price hikes for staples such as food and utilities and with property prices in trouble, the new research suggests the family summer holiday will be the credit crunch’s next major victim.

Online price savings site Savebuckets.com questioned 2,000 people on the impact the credit crunch is having on their monthly budget.

Key Findings:

  • The research reveals that whilst one in five will not be going away, more than one in ten people (12%) will have to keep their holiday away from foreign shores and opt for a UK getaway to save money this year. Worryingly, one in ten (9%) people, still determined to get away, will resort to breaking into their savings in order to pay for a holiday.

  • It appears the changes in UK budget and prices have hit those with young families the hardest. Middle aged people aged 35 to 44 are the most likely to admit that their financial situation has changed for the worse this year (67%) with 16% planning their break within the UK, compared to just 7% of 18 to 24 year olds. 23% of middle agers will not be going on holiday at all to save money compared to 19% of over 55’s and 18 to 34 year olds.

  • Women are more likely to be watching the pennies and cancelling their holiday this year, with 23% deciding to stay at home in the UK with no break, compared to 16% of men.

  • Those living in Northern Ireland appear to be struggling the most to get away this year, representing the highest proportion of the UK to not go on holiday (18%). Additionally they are also the highest proportion breaking into their savings in order to finance a break away 28%. Those least concerned are Londoners, with 46% saying their financial situation has not changed for the worse, compared to 77% of those in Northern Ireland who say it has.

Marc Ames, Marketing Manager of Savebuckets.com commented: “The fact that people feel they can’t afford to go away for a break this year is a reflection of how difficult many families are finding it to make ends meet. Whilst the credit crunch continues to affect our finances, with one in four worried about how they will make ends meet, it is important that people take the time to manage their money so that they can still afford the important things in life. There are ways to save which can have huge differences on the bank balance, for example, by shopping online at www.savebuckets.com for popular items, Britons can save up to 50 percent on purchases and save money without making sacrifices.”

The hard facts: How people’s holiday plans are changing

Percentage of Britons whose financial situation has changed for the worse this year 59%
I will not go away and will stay at home to save money 20%
I will not go abroad on holiday this year and am planning a break in the UK 12%
I will have to spend money I had saved in order to go on holiday 9%
I will go abroad on a cheap package holiday spending less than I did on my holiday last year 6%
I will only go on holiday for one week this summer; I would normally go on a longer break 5%

To save online visit www.savebuckets.com

For more information or to speak to a spokesperson from Savebuckets.com, please contact:

Guy Bellamy / Rosie Dodd - FD Consumer Dynamics

Guy.Bellamy@fd.com or 020 7269 7177

Marc Ames - Savebuckets.com

marc.ames@savebuckets.com

Notes to Editors

Research was conducted on behalf of Savebuckets.com between 11th and 14th April 2008 by YouGov amongst a GB representative sample of 2,168 adults.

Savebuckets.com is a free to use online comparison shopping service, which will helps shoppers to find the product they want at the price they want.

The site currently searches millions of products from a wide range of shops, including high street brands and lesser known online shopping sites.

Savebuckets.com also includes a ‘My Price’ function which notifies shoppers by email when the price of the item they are searching for drops to within their budget.

Savebuckets.com is the trading name of Save Buckets Limited, a registered company in England and Wales.

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