Flashing the cash: research shows physical currency is still a travel essential
Travellers take more than £300 away with them on average - while only 14% rely on cards alone
New research from Go.Compare travel insurance has found that travellers still rely on good old cash in hand, with 86% of people taking physical currency abroad with them.*
The data shows that on average, holiday-makers who opt for the cash option take £304 away with them on their holidays. Nearly a fifth (19%) of jet-setters admitted to taking more than £500 on their trip, with a further 11% taking between £451 and £500.
On the other end of the scale, only 14% of people avoided cash altogether - saying they instead used a debit, credit or prepaid card. And young travellers are the most likely to ditch the dough, with 18% choosing cards over cash.
The same research also looked into the top reasons people make a claim on their travel insurance policies, and found that nearly a fifth of claimants (23%) had suffered from a theft or a loss of their belongings and had to claim the money back.
Rhys Jones, Go.Compare travel insurance spokesperson, said: “It’s clear from our research that the British public still rely on cold hard cash when it comes to travel expenses, with many taking a significant amount of spending money abroad.
“And our latest research shows theft and loss of belongings is a top reason people claim on their policies, so if you’re taking cash on holiday with you, we recommend thinking about travel insurance. After all, it can really sting to have your wallet stolen, and replacing important belongings like jewellery and gadgets is an unexpected cost none of us need.
“Many travel insurance policies will include cover for cash if it were to get lost or stolen, and will also often include travellers’ cheques or traditional bank cheques. However, there will be maximum limits on the amount of cash that will be covered, so taking a few minutes to browse the options available – and make sure you have the right cover for you - could save you stress and unexpected bills - and help make sure there’s nothing to put a damper on your holiday spirit.”
For more information about travel insurance, visit: https://www.gocompare.com/travel-insurance/
Contact Information
Rubie Barker
Notes to editors
Notes to editors
*These findings are from a study released by Sago between June 28th and July 1st, among a random selection of 2,129 of GB adults ages 18+, of which 1,142 travelled abroad last year.
The results were weighted by age, gender, region, and ethnicity to match the population, according to Census data. For comparison purposes, a probability sample of this size has an estimated margin of error (which measures sampling variability) of +/- 2.5%, 19 times out of 20. Discrepancies in or between totals when compared to the data tables are due to rounding. Excerpts from this release of findings should be properly attributed, with interpretation subject to clarification or correction.
For further information please contact: Lynsey Walden on lynsey.walden@Gocompare.com, or Kath Chadwick on Kathryn.chadwick@Gocompare.com. Keep up-to-date with Go.Compare on Twitter; @Go.Compare
About Go.Compare
Go.Compare is a comparison website that enables people to compare the costs and features of a wide variety of insurance policies, financial products and energy tariffs.
It does not charge people to use its services and does not accept advertising or sponsored listings, so all product comparisons are unbiased. Go.Compare makes its money through fees paid by the providers of products that appear on its various comparison services when a customer buys through the site.
When it launched in 2006, it was the first comparison site to focus on displaying policy details rather than just listing prices, with the aim of helping people to make better-informed decisions when buying their insurance. It is this approach to comparing products that secured the company an invitation to join the British Insurance Brokers’ Association (BIBA) in 2008, and it is still the only comparison site to be a member of this organisation.
Go.Compare has remained dedicated to helping people choose the most appropriate products rather than just the cheapest and works with Defaqto, the independent financial researcher, to integrate additional policy information into a number of its insurance comparison services. This allows people to compare up to an extra 30 features of cover.
Go.Compare is part of Future Plc and is authorised and regulated by the Financial Conduct Authority (FCA). More information can be found here www.Go.Compare.com or here https://www.futureplc.com/brands/.