Three out of four British holidaymakers have no idea what the exchange rate is and the majority overspend.
Research by Travel Money Club says nine out of 10 will spend more than they plan to, with 75% saying they don’t know the exchange rate of the currency they are using abroad.
One in four will run out of cash currency by day three of their holiday, while a further one in three will run out of holiday money by day seven.
One in five have unintentionally spent 50% or more on a glass of wine or pint of beer, without realising, resulting in some paying more than £20 for a single alcoholic drink.
Millennials lead the way when it comes to currency confusion, with one in three ‘forgetting’ to budget, and a third admitting that they don’t ever think about how much they spend on their travels.
Almost half (45%) say they’ve no idea how to get the best deal or if there are hidden commissions involved, and 1 in 3 don’t know if it’s better to use cash or credit cards while abroad.
Over a third of cautious Brits will be eating and drinking out less on holiday because the pound has dropped in value since the UK voted to leave the EU, while 40% will go on fewer excursions and activities abroad because of Brexit.
