40% cannot afford summer holiday
Nearly 40% of Britons will stay at home this summer rather than take a holiday as families strive to balance household finances, a study has revealed.
The findings show increasing numbers of people are forfeiting traditional breaks, with domestic tourism taking the greatest hit.
Those who do go away are likely to rein in their spending and will have saved for the trip in advance rather than relying on credit cards, the survey shows.
The poll of 2,000 people, for savings bank ING Direct, revealed the number of Britons taking a summer holiday has fallen sharply in the past three years.
Of those surveyed, a total of 39% of people said they would remain at home this season.
Meanwhile, some 88% of those who have "opted out" in the past three years said they would usually have taken their break in the UK.
Of those who are set on going away this year, 51% said they would spend less than usual.
Around 20% of people consulted said they had already put money aside and 36% said they would save up for the expenditure rather than use a credit card.
ING Direct chief executive Richard Doe said: "It's clear that a tough economic climate is causing consumers to pull off a very difficult balancing act - cutting down on debt while dealing with rising prices - so it's not surprising that the summer holiday is often being sacrificed.
"However, it is certainly a good thing that consumers are adopting a more sensible approach to holiday planning, saving in advance for their trips, rather than entirely relying on the plastic."