Spaniards are among the 4 European countries most likely to finance the cost of their holidays
Summer is here and with it, the desire to break routines, travel, look for flights and check tour guides. Long or short, holidays are untouchable for many Spaniards. This is illustrated by the fact that travel is the second reason for saving in Spain, according to the latest Consumer Payment Report carried out by Intrum, the market leader in credit and asset management.
Specifically, 39% of those interviewed said they set aside a large part of their monthly savings for travelling, which is only surpassed by the money saved for unforeseen expenses.
This figure is practically the same for men (40%) and women (39%), while, by age segment, younger people between 18-24 and those from 25-34 spend most of their savings on travel, 50% and 43% respectively.
The Spaniards holiday culture means that despite the monthly saving they allocate for this purpose, not all of them meet their expectations and consider seeking financing, so according to Alejandro Zurbano, Intrum Managing Director in Spain “it’s essential to have sound expenditure planning to avoid unforeseen expenses and also encourage financial education and responsible consumption”.
And in Europe…
The desire to save is no easy task, obstacles often appear to prevent it from happening, but the Spanish are among the Europeans most likely to finance their holidays.
The study, which was conducted among 24,101 consumers in 24 countries reveals that only 55% of Spaniards refuse to take out a loan to enjoy a break away from their usual place of residence.
Spanish parents are among those who opt for holidays on credit, 40% say they feel socially pressurised to provide their children with products or services that they can’t afford, and of these, 18% say that travel is among the most common services they finance because of what others say and think.
These figures place Spain behind Ireland (50%), Poland (47%) and the UK (43%) as the European countries who took part in the survey whose citizens are more willing to take out loans for their holidays.
On the other side of the fence, those strongly against this type of financing include Austria and Poland (80%), Lithuania (76%), and Estonia and Norway (75%).
